MGAs

Burns & Wilcox agrees McIntyre & Associates acquisition and prepares for M&A drive

Burns & Wilcox has acquired MGA McIntyre & Associates in what is set to be the first of “dozens” of similar deals as the HW Kaufman-owned business embarks on an M&A drive as it looks to double its top line over the next five years, Program Manager can reveal.

MGA GMI Insurance adds Shawn Hall as COO and chief revenue officer

Expansive MGA GMI Insurance has named Shawn Hall as COO and chief revenue officer with the executive previously at up-for-sale Breckenridge Insurance, Program Manager can reveal.

SiriusPoint and Arcadian extend partnership to 2026 as MGA targets US growth

Bermudian (re)insurer SiriusPoint has extended its multi-year partnership with MGA Arcadian Risk Capital until the end of 2026.

Gallagher Re acquires Bay Risk from Optio Group

Gallagher Re has acquired Lloyd’s broker and delegated authority specialist Bay Risk Services for an undisclosed sum.

NFP’s Dietz and team to join new Procore construction brokerage platform

NFP’s Anthony Dietz is set to become a high-profile hire for construction management data and software firm Procore Technologies as it builds out what it is calling a “next-generation” brokerage and MGU platform, The Insurer can reveal.

Hippo gross loss ratio more than halved to 42% in Q4

Homeowners insurtech Hippo said it is on course for positive adjusted Ebitda by late next year after reporting a deficit of $47.3mn in the fourth quarter – as it also increased total generated premium (TGP) by 44 percent to $234mn and said it is retaining more risk for attritional events for the 2023 treaty year.

Pen Underwriting promotes CFO Breslin to MD of specialty division

UK MGA Pen Underwriting has promoted Sarah Breslin to managing director of its specialty division.

USQRisk recruits Hamilton Re’s Jones as head of UK pricing

Alternative risk transfer-focused MGA USQRisk has hired Rhys Jones from Hamilton Re as head of UK pricing and senior underwriter.

Fidelis MGU promotes Fortune to Bermuda CUO

Fidelis MGU has promoted Ben Fortune to chief underwriting officer of its Bermuda operations.

AllDigital looks to broaden offering with Lloyd’s-backed primary ML product

Blockchain and AI-driven MGA AllDigital Specialty is lining up Lloyd’s capacity for a new primary management liability offering with limits of $1mn to $5mn that will target insureds with up to $250mn in revenues to complement its existing primary and excess products, Program Manager can reveal.

RB Jones eyes $100mn GPW in 2023 as it adds capacity and targets new products, hires and M&A

RB Jones is targeting getting $100mn of gross premiums written on its books this year as the expansive MGU bolsters existing offerings with additional capacity support and looks to bring new products and talent onto its roster, while also potentially undertaking further M&A.

Upsized cat bond sets SageSure on course for 2023 growth despite tight reinsurance market

The significant upsizing of the latest Gateway Re cat bond to $355mn by SageSure and reciprocal exchange SURE means the property cat specialist MGU has secured a large portion of the cat limit needed to allow it to grow this year despite the challenging traditional reinsurance market.

SiriusPoint remains committed to MGA and programs space despite planned divestments

SiriusPoint saw a significant 2022 earnings benefit from its quintet of expansive consolidated MGAs but is looking to trim non-core investments in a number of insurtechs and other underwriting vehicles and is engaging with banking advisors over potential divestments, Program Manager understands.

Amwins makes minority investment in Australian MGA incubator Rhodian

Wholesale broking giant Amwins has made a new minority investment in Rhodian, an Australian start-up MGA incubator whose focus includes building a network of independent underwriting agencies powered by its technology, capacity relationships and operational services.

Falvey makes inland marine move with hire of Continental Underwriters team

Falvey Insurance Group is making a play in the inland marine market and has hired a six-strong team led by Ed Helfers and Lisa Uzzo from CRC-owned Continental Underwriters to spearhead its entry into a sector the North Kingstown, Rhode Island-based MGA said is “a natural extension” to its existing portfolio.

MGA Optio promotes Robinson to CEO

Specialty MGA Optio Group has appointed David Robinson as its new chief executive officer.

Numis raises R&Q target price on $47mn Tradesman sale

London stockbroker Numis has raised its target price on R&Q after the firm sold the 40 percent strategic stake in its largest customer for $47mn.

Clyde & Co creates new specialist MGA team

Insurance specialist law firm Clyde & Co has created a new specialist MGA team.

MGA Tradesman pays $47mn to buy back 40% shareholding from fronting partner R&Q Accredited

New York-based construction specialist group Roosevelt Road Capital Partners has bought back the 40 percent share in its MGA platform Tradesman held by R&Q, in a deal which eases a potential squeeze for the London-listed program and legacy firm while allowing Tradesman to retain future profits 100 percent and have greater flexibility on which fronting partners to use.

RB Jones secures additional Atain capacity for marine and energy offerings

Fast-growing MGU RB Jones has strengthened its ties with Atain Insurance Companies and secured additional capacity from the fellow HW Kaufman Group-owned entity to support its primary marine, excess marine and energy liability offerings, The Insurer can reveal.

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