MGAs

Nexus adds Hiscox USA’s Socrates to target ML and PL growth

Nexus Group has appointed Denise Socrates as vice president in its US management and professional liability team.

GIC Re and Peak Re provide binder capacity to Africa Specialty Risks

India’s GIC Re and Hong Kong-based Peak Re have agreed to provide multi-year binder capacity of up to $25mn per risk to Africa Specialty Risks (ASR), a pan-African reinsurance MGA.

Castel acquires Belgian MGA Arena from StarStone

Castel Underwriting Europe, the European subsidiary of Arch-owned Castel Underwriting Agencies, has acquired specialist accident and health (A&H) MGA Arena from StarStone Group.

Galanski lines up Lindsay Goldberg backing for 2021 hybrid start-up

Former Navigators CEO Stan Galanski has lined up private equity backing from Lindsay Goldberg and is working with a team of former colleagues and other industry executives on an E&S start-up that is likely to resemble a hybrid model with an MGA platform and access to its own paper, The Insurer can reveal.

Pen Underwriting bolsters regional broker offering with duo of hires

Pen Underwriting, the MGA arm of Arthur J Gallagher, has appointed Dan Walker and Andy Helliwell as business development managers (BDMs) to enhance its regional support for brokers in England.

Dual NA adds Chubb’s Baldino and Axa XL’s Walas to grow cyber unit

Howden’s MGA platform Dual has expanded its North American cyber unit with the hires of former Chubb executive Larry Baldino, who will become division leader, and Axa XL’s Kate Walas.

Optio enters marine specialty with Seacurus’ Bailey

Private equity-backed London MGA Optio Group has launched a marine specialty unit led by former Seacurus manager Angus Bailey.

BP Marsh MGA portfolio GWP grows 18% in 2020 financial year

Venture capital provider BP Marsh said it expects its profit for the 2020 financial year to be at or above the £0.8mn ($1.1mn) achieved in 2019, with cost mitigation measures having offset a 15 percent reduction in income from its investment portfolio.

White Mountains says Ark wrote $270mn+ at 1.1 as profits surge on MediaAlpha investment

The rocketing post IPO share price of MediaAlpha means that the value of White Mountains’ remaining stake in the insurance-focused tech firm has jumped 40 percent to $1.13bn since the end of 2020, as the Bermudian also revealed its minority investment Ark wrote $270mn+ of GWP at the 1.1 renewal.

Mortimer linked with Bermuda MGA Helix’s casualty move

Former Argo Group head of international casualty Nigel Mortimer has been linked with a move by Bermudian MGA Helix Underwriting Partners into the US casualty space, The Insurer can reveal.

GuideOne teams up with New Paradigm to offer integrated parametric cover

Expansive US insurer GuideOne is offering integrated parametric solutions in traditional insurance policies written by its MGU platform CGA Insurance Solutions in partnership with New Paradigm, The Insurer can reveal.

GuideOne’s CGA to roll out several MGUs following energy launch

The new energy offering from GuideOne’s CGA Insurance Services has secured an initial line of $15mn, with additional capacity to be added in the coming months, and is just one of several MGUs being rolled out by the specialty insurer on the platform, The Insurer can reveal.

Platinum Specialty UW plans programs roll-out under new president Heath

XPT co-founder Jeff Heath has been named president of the BP Marsh-backed group’s wholesale-only MGU platform Platinum Specialty Underwriters as it looks to roll out new programs in Q1 and add underwriting expertise through M&A and team hires, The Insurer can reveal.

Markel replaces C&F as Prudent Pet capacity provider

Markel has made a new play in the pet insurance market after replacing Crum & Forster as the capacity provider to Prudent Pet Insurance.

Gallagher’s Pen secures capacity for UK standalone terrorism cover

Pen Underwriting, the MGA arm of Arthur J Gallagher, has launched a standalone terrorism proposition aimed at UK businesses and property owners and backed by A-rated capacity.

Tarian latest cyber market to shrink as ransomware attacks soar

Leading London cyber market Tarian has become the latest carrier to retrench from the sector in response to the growing frequency of ransomware demands, The Insurer understands.

PIB’s Q Underwriting secures Ergo capacity for property launch

PIB Group’s Q Underwriting has secured a “multi-year, multi-million-pound capacity deal” with Ergo UK to launch a property and package division.

Cyber insurtech MGA Coalition adds new hires in drive for growth

Cyber MGA Coalition has added four new production underwriters to its roster as the insurtech hunts for further growth in the middle market sector.

Paragon adds Bustillo to board and targets E&S growth opportunities

Expansive MGA Paragon Insurance Holdings has added former BMS Intermediaries CEO Andrew Bustillo as non-executive director to work with its management team on growth opportunities including in the E&S space, The Insurer can reveal.

Pollen Street Capital leads £200mn Markerstudy raise

UK MGA Markerstudy has completed a £200mn ($274mn) investment round led by Pollen Street Capital with participation from its existing founder team and parent Qatar Insurance Group (QIC).

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