MGAs

Envelop Risk completes $6mn Series A financing round

MS Amlin-backed cyber analytics MGA Envelop Risk has completed a Series A financing round, raising circa $6mn in a process led by the tech-focussed venture capital fund Alpha Intelligence Capital, The Insurer can reveal.

OneAdvent buys property MGA Modus from CFC

London-based MGA platform OneAdvent has acquired Modus Underwriting, a digital-first MGA focused on providing niche property insurance products to brokers across the UK.

PE firm Parthenon buys into Venbrook at around 10x Ebitda

Parthenon Capital has taken a majority stake in privately held US broker Venbrook Group, The Insurer can reveal.

Orchid appoints RSG’s Garamoni CFO

US property catastrophe managing general underwriter Orchid Underwriters Agency has appointed Michael Garamoni as chief financial officer.

R&Q sells UK MGA Trilogy to Lloyd’s coverholder Resolution Underwriting

R&Q MGA Limited has sold its stake in technical underwriting MGA Trilogy to Resolution Underwriting Holdings for an undisclosed sum.

Accelerant secures A- rating for EU carrier platform

Start-up MGA-focused platform Accelerant has been given an A- rating by AM Best for its own Malta-based insurance company that will allow it to retain up to 20 percent of business written and cede the rest to reinsurers.

Two Sigma-backed ISC buys Access Partners

Expansive US MGA platform Integrated Specialty Coverages (ISC) has completed its fourth acquisition with a deal to buy multi-line wholesale broker Access Partners Insurance Services.

Atlas and Trzos denied attempt to have 777 suit thrown out

Atlas General and its CEO have been denied a motion to dismiss 777 Partners’ litigation against them over a failed attempt to launch an insurer together, with the parties also arguing over whether Atlas minority investor and non-party VJ Dowling can be subpoenaed in the case.

Chilton co-launches new London MGA with former TMK duo

Grahame Chilton, the founder of reinsurance intermediary Capsicum Re, is backing an ambitious new MGA business that will be led by two former senior Tokio Marine Kiln executives, Jeff Bright and James Dover.

Brown & Brown acquires MGA The Colonial Group

US broking giant Brown & Brown has acquired North Carolina-based managing general agency The Colonial Group and its affiliate, Colonial Premium Finance Company.

Gallagher’s Pen promotes Hewland in regional broker push

Pen Underwriting – Gallagher’s managing general agent – has promoted Nick Hewland into the newly created position of area sales manager, Midlands & North, as the MGA looks to further strengthen its regional support of UK brokers.

Iprism hires Victor’s Constable as commercial underwriter

Commercial, property and high net worth MGA Iprism has appointed Paul Constable as commercial underwriter.

Tokio Marine HCC to acquire renewable energy MGA GCube

Tokio Marine HCC, a member of Tokio Marine Group, has signed a purchase agreement to acquire renewable energy risk specialist MGA GCube.

Nexus launches US financial lines division with PSIC capacity

London market managing general agency Nexus Group has launched a new financial lines division under its recently rebranded US entity, with capacity for the new line provided by Professional Solutions Insurance Company (PSIC).

Hippo replaces Munich Re with expanded reinsurance panel

Palo Alto-based insurtech Hippo has unveiled a new panel of reinsurers that includes Arch, Markel, RenaissanceRe and TransRe.

MGAA overhauls board as Earle and Birrell step down

The Managing General Agents’ Association (MGAA) has added Chris Harman of Resolution Underwriting and Lyndsey Thompson of Incorporated Insurance Group to its board.

MGAA MD Staddon to retire

Managing director of the UK’s Managing General Agents’ Association (MGAA), Peter Staddon, will retire at the end of June this year.

Fresh hit for Danish Gefion as Bollington severs MGA relationship

UK broker Bollington has axed its relationship with unrated insurer Gefion – which entered an £80mn ($104mn) capacity deal with its MGA, Anjuna Underwriting, in 2017 – weeks after the Danish regulator raised fresh concerns over the carrier’s solvency levels.

Scor takes majority investment in Brazilian MGA

Scor has added to its involvement in the Brazilian agriculture insurance market after taking a majority investment in AgroBrasil Administração e Participações Ltda.

AmWINS grows top line by 27% to $1.4bn

Wholesale broking giant AmWINS grew revenue by 27 percent to an estimated $1.4bn last year as surging organic growth of around 16 percent was supplemented by four acquisitions, The Insurer can reveal.

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