MGAs

MGA manager Castel receives AM Best’s first UK “Performance” grading

Castel has become the first UK MGA to receive a “Best’s Performance Assessment” (Best’s PA) after the rating agency rolled out its new methodology for MGAs, MGUs, program administrators and other delegated underwriting authority enterprises (DUAEs).

NSM garners strong interest from PE and strategics as sales process gets under way

NSM Insurance Group is seeing significant interest from potential financial sponsor bidders including private equity as well as strategics after owner White Mountains began a JP Morgan-run sales process in response to inbound approaches for the specialty MGA platform, The Insurer understands.

Resilience launches modular process for cyber policies

Resilience has introduced a new process for modular policy production, this publication can reveal, with the MGA stating it is the first to adopt modularity for cyber insurance.

SpottedRisk shares Coda success and readies for European and D&O growth

Fresh from sharing in Coda’s success at the Oscars after its Media Guarantors platform wrote a completion bond for the film, MGA SpottedRisk is set to enter the UK and EU markets in addition to readying a D&O and E&O play, CEO Janet Comenos has told The Insurer.

Occam completes Beech acquisition

London-headquarterd MGA Occam has completed its acquisition of terrorism-focused MGA Beech Underwriting Agencies.

Carbon builds property unit with Chubb’s Turner

London-based MGU Carbon Underwriting has continued the expansion of its underwriting team with the appointment of Claire Turner as a property underwriter.

Falcon Risk builds out bench with Lynders, Merchant and Schnabel hires

MGA start-up Falcon Risk Services has hired David Lynders, John Merchant and Martin Schnabel as the Craig Landi-led platform adds to its roster and looks to grow its book of business.

Investors send Hagerty shares down 12% after delay in State Farm partnership

Shares in car enthusiast MGA Hagerty tumbled by more than 12 percent on Friday, after investors reacted to the company reporting a full-year $10mn operating loss for 2021, and after it delayed the launch of its partnership to provide State Farm customers with collectible car insurance.

Hagerty Re earnings totalled $32mn in 2021

Classic car MGA Hagerty’s Bermuda-domiciled captive generated $32mn in pre-tax earnings in 2021, and the company’s CEO said on Thursday that taking more risk within the captive is one way the firm is aiming to boost earnings.

Hagerty adjusted Ebidta dips to $25mn in ’21 as premiums jump 17% to $674mn

Adjusted Ebitda at classic car MGA Hagerty dipped nearly 17 percent to $25mn in 2021, but the company grew written premiums by 17 percent to $674mn on the year, and said it expected to grow adjusted Ebitda by between 10 and 20 percent in 2022.

Cat MGA Orchid partners with insurtech Openly for HNW coverage

Orchid Underwriters has reached a partnership agreement with agency insurtech Openly, in a deal the cat MGA says will bring added capacity to its national network of retail agents and strategic distribution partners, in addition to broadening its range of high-net-worth customers looking for solutions for hard-to-place risks.

GuideOne sees a wave of exits following Snyder and Groenheide departures

West Des Moines, Iowa-based carrier GuideOne has seen a wave of staff departures following the exit of CEO Jessica Snyder and head of specialty/E&S Mark Groenheide, The Insurer can reveal.

Acrisure continues MGA build-out with Volante deal as Nephila exits

Acrisure has continued to build out its MGA offering with the acquisition of Volante Global.

Rokstone Agriculture partners with Accelerant on US livestock offering

Rokstone Agriculture Risk Underwriters, the US specialist agriculture division of London-headquartered MGA Rokstone, has partnered with Accelerant to secure admitted and non-admitted delegated authority A- rated capacity for niche livestock business.

RT’s Austenfeld: Tough property market presenting carriers with “specific opportunities”

Difficult property market conditions were once again a top theme at the Wholesale and Specialty Insurance Association (WSIA)’s mid-year underwriting summit, but the president of national property at wholesale intermediary RT Specialty said market conditions are ripe for carriers to capitalize on the dislocation.

RPS’ Cavaness: Property market remains locked up

Property capacity has become a precious commodity for US-focused MGAs as carriers backing the biggest cat players scale back after another heavy loss year, according to the president of wholesale intermediary Risk Placement Services (RPS).

Ryan Specialty working on three de novo MGUs including excess casualty offering

Ryan Specialty Group is working on three de novo managing general underwriters (MGUs) and has recruited “several” industry leaders to focus on an excess casualty offering which it is in the final stages of securing capital for, the wholesaler’s leadership team has confirmed.

Arcadian to build E&S book through New York platform

Bermuda-based MGA Arcadian Risk Capital is looking to launch its planned New York operation by early Q3, writing on SiriusPoint’s US E&S carrier and targeting accounts in the tier below the large risk-managed business written by its existing Bermuda, Dublin and London teams, The Insurer can reveal.

Wholesaler Socius adds McKechnie in strategic role

Abry Partners-backed wholesale broker and MGA Socius has hired former Relation Insurance Services and Swiss Re executive Chris McKechnie as executive vice president in a strategic role as the firm looks to expand through M&A and hiring, The Insurer can reveal.