MGAs

BP Marsh to acquire stake in London MGA Verve Risk as its exits Castel platform

Specialist UK insurance investor BP Marsh is to acquire a minority shareholding in professional and management liability-focused MGA Verve Risk Partners, The Insurer can reveal.

AIG and Stone Point cement MGA deal for HNW-focused PCS

AIG has confirmed it has finalised its agreement with funds managed by Stone Point to support the formation of independent HNW MGA Private Client Select Insurance Services, with the new platform forecast to begin writing business in the third quarter.

Lawyer’s Protector Plan secures capacity for new E&S offering

Brown & Brown’s Lawyer’s Protector Plan (LPP) has added an E&S offering to its product suite with coverage written on the paper of an unnamed A rated carrier partner.

RiskPoint partners with Munich Re on offshore wind EPC cover

Expansive MGU RiskPoint has partnered with Munich Re’s Green Tech Solutions team to launch a coverage for contractors, manufacturers and suppliers in the offshore wind sector.

Applied UW launches healthcare access technology MGA EOS

Expansive MGA and carrier platform Applied Underwriters has built an MGA and technology platform called EOS for independent agents and brokers that will offer what it describes as the best available healthcare arrangement for their clients’ Medicare needs.

Trade credit MGA Nimbla launches non-payment protection product

London-based MGA Nimbla has launched a cloud-based product aimed at protecting businesses against the risk of non-payment.

Spectra gains BMA in-principle approval and seed funding for cyber insurance broker

Former Hudson Structured Capital Management partner and CUO Edouard von Herberstein has raised seed capital and received in-principle approval to launch Spectra, a cyber-focused insurance broker in Bermuda that will look to develop into an MGA from next year.

Trean taken private after Altaris’ $6.15 per share acquisition completes

Trean Insurance Group’s $6.15 per share take-private acquisition by funds managed by New York City-based healthcare investment firm Altaris has completed.

XS Global opens in London headed by industry veteran Steve Jackson

Miami-based MGA XS Global is expanding its international presence and targeting additional penetration in 2023 through the imminent launch of a London-based platform, according to its co-founder and chief commercial officer Steve Jackson.

Abbey joins Target Markets to grow program business resources and educational opportunities

The Target Markets Program Administrators Association (TMPAA) has hired Gene Abbey to fill the position of director of insurance services and education at the trade body.

Castel Underwriting PA-2 affirmed by AM Best

AM Best has affirmed the Performance Assessment of PA-2 (Excellent) of Castel Underwriting Agencies in the UK and its Netherlands-based subsidiary Castel Underwriting Europe, citing “excellent” underwriting capabilities, governance and internal controls, financial condition, organizational talent, and depth and breadth of relationships.

Intangic MGA looks to Marsh’s Durkan for commercial director

London-based Intangic MGA has continued the build-out of its senior management with the appointment of Debbie Durkan as its commercial director.

Trean shareholders sign off deal for Altaris to acquire outstanding stock

Trean Insurance Group (TIG)’s stockholders have approved the definitive merger agreement with affiliates of Altaris, which currently owns 47 percent of the hybrid MGA and program insurer’s outstanding stock, with the deal scheduled to complete in the coming weeks.

Collateralized reinsurer Northern Re launches targeting regional carriers and MGAs/MGUS

Start-up collateralized reinsurer Northern Re has secured $25mn of capital from a private investment group to support regional carriers and MGAs/MGUs and provide capacity to a group of historically profitable portfolios already known to its managing partners.

Landi-led MGA Falcon Risk announces Sacco, Simmons appointments

Craig Landi-led management and professional liability MGA Falcon Risk Services has confirmed it has hired A&E specialist Mike Sacco and MPL executive Bruce Simmons, in moves that had previously been trailed by The Insurer.

MGA Nirvana partners with Pro Global to fuel growth

Pro MGA Global Solutions, the MGA incubation division of Pro Global, has partnered with newly-independent specialty MGA Nirvana.

Procore launches $50mn exclusive GL wrap facility through NCC with Aurenity backing

Procore Risk Advisors is set to launch an exclusive $50mn general liability wrap-up facility through wholesaler National Coverage Corporation with backing from start-up MGA Aurenity and a panel of E&S carriers, The Insurer can reveal.

Ledgebrook secures Everspan capacity for GL launch

Insurtech MGA Ledgebrook is set to begin underwriting its launch product of general liability for middle market insureds with $1mn/$2mn primary limits and up to $5mn to deploy to excess layers on the paper of Everspan backed by a panel of blue-chip reinsurers, The Insurer understands.

Rokstone launches BMI and Malaysian Re-backed credit and surety treaty division

London-headquartered MGA Rokstone has launched a credit and surety treaty division with A rated capacity secured from BMI and Malaysian Re.

Wholesaler NCC hires CNA NY construction head Furey to lead programs and underwriting

Long Island-based wholesaler National Coverage Corp (NCC) has hired CNA’s New York head of construction John Furey to lead the build-out of its underwriting and programs operations, The Insurer can reveal.

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