Wright Flood acquires NFIP book from UPCBrown & Brown-owned Wright Flood is acquiring United Property & Casualty Insurance Company (UPC)’s flood insurance portfolio in a transaction set to close by the end of this month.
Swiss Re’s Bert takes on head of Strategic Partnerships US role after Choniski exitSebastien Bert has been appointed head of Strategic Partnerships US at Swiss Re, with this publication understanding that his previous fellow co-head of Strategic Partnerships Alexander Choniski has left the reinsurer.
Rebadged London MGA Nexus Group now valued at £270mn+London MGA/intermediary Kentro Global, the recently rebranded Nexus Group, is now worth in excess of £270mn ($328mn), according to venture capitalist firm BP Marsh.
Pen builds tech sector practice with Hiscox’s HydlemanPen Underwriting has hired Dan Hydleman from Hiscox as a specialist technology underwriter in a move the Gallagher-backed MGA said would help meet growing demand for insurance that supports the rise of the technology sector in the UK.
MGAA appoints Richards as technical services managerThe Managing General Agents’ Association (MGAA) has hired Tim Richards to the newly created role of technical services manager as part of its wider growth and development strategy.
Ahoy! begins underwriting on Spinnaker paper with Greenlight Re and Topsail Re backingStart-up recreational boating-focused insurtech managing general agent (MGA) Ahoy! has begun underwriting admitted coverage on the AM Best A- rated paper of hybrid fronting carrier Spinnaker Insurance Company with reinsurance support provided by Greenlight Re and Topsail Re.
SiriusPoint partners with rental deposit MGA GarentiiBermudian reinsurer SiriusPoint has continued its partnership strategy by announcing a deal with Germany-based security deposit replacement insurance MGA Garentii.
CyberCube raises funds from existing backers after sale rumoursCyber modeling and analytics firm CyberCube has raised an undisclosed sum from its existing investors – its first fundraise since pulling in $35mn in a Series B round in 2019 – after persistent rumours that the company was considering a potential sale.
London MGA Iprism adds AmTrust to property panelProperty and high-net-worth MGA Iprism Underwriting has added P&C insurer AmTrust to its property owners panel as broker demand for specialist property owners cover increases.
Rebadged MGA Nexus sees GWPs climb 19.3% to $461mnKentro Capital Ltd, the recently rebranded holding company for specialty London market MGA Nexus Underwriting, grew GWPs by 19.3 percent in the 12 month ending 31 December 2021.
Ascot set to launch UK MGA platform with Leathem at helmAscot is poised to launch a dedicated UK MGA platform targeting ~$250mn in annual premium by year three with up to five cells earmarked for a 1 January 2023 underwriting launch, The Insurer can reveal.
Inland marine exec Vetter to re-emerge at Tango SpecialtyAscot’s outgoing head of inland marine in the US Jeff Vetter is set to join expansive MGA platform Tango Specialty, The Insurer can reveal.
SiriusPoint invests in accidental death/dismemberment MGA SamosBermuda-based (re)insurer SiriusPoint has continued to pursue its partnership strategy despite recent leadership changes with an investment in US and Canadian MGA Samos, a business that specialises in risk management solutions and accidental death and dismemberment (AD&D) insurance.
Dual promotes Jonda to CEO for EuropeDual, the underwriting arm of Howden Group, has named Olaf Jonda as CEO of its European operations.
Collectibles insurtech MGA secures Chubb underwriting supportLuxury collectibles-focused MGA insurtech Wax Insurance Services has secured Chubb as its new capacity provider, replacing its previous underwriting partners Markel and Axa XL.
TMPAA awards best practices honours to Business Risk Partners, Coastal Insurance UnderwritersThe Target Markets Program Administrators’ Association (TMPAA) has bestowed its best practices honour on two member agencies, Business Risk Partners and Coastal Insurance Underwriters, the trade group announced.
European MGAs and brokers build stronger bonds as sector interest growsThe dismantling of barriers between European (re)insurance intermediaries and the MGA sector in recent years means the market on the continent is becoming increasingly similar to that seen in the US or the UK, according to panellists at the Accredited Insurance European MGA Forum which took place in Zurich this week.
MGA growth reflects accelerated “unbundling of insurance ecosystem”: SpiegelThe rapid expansion of the MGA/program market in the US and parts of Europe is a symptom of the “unbundling” of the insurance ecosystem which is seeing industry leaders experiment with alternative distribution and capital structures, the executive chairman of Randall & Quilter William Spiegel said this week.
Aon: US MGA premium base now $60bn-$65bnDirect written premiums in the US MGA market now total between $60bn and $65bn, according to Aon, with MGAs’ share of the US P&C market having doubled over the past 10 years.