If you were to ask program administrators and MGAs the one thing that keeps them awake at night, it’s a fair bet that many of them would say “capacity”.

Welcome to a bumper issue of Program Manager, packed to the rafters with exclusive content, interviews and, of course, updates from the Target Markets Program Administrators Association Annual Summit, which took place last week.

Another vibrant Target Markets Annual Summit is drawing to a close today with record numbers (officially north of 1,600 and unofficially much higher) demonstrating the continued appeal of the segment to talent, investors, capacity providers and distribution.

After a benign first half of the Atlantic hurricane season, the mood music from last month’s Monte Carlo Rendez-Vous had signaled that upcoming reinsurance renewals would likely follow the pattern seen in 2024, with moderate softening in the 5-10 percent range.

Welcome to the first of our two newsletters from the Target Markets Program Administrators Association Annual Summit, which has once again attracted a record number of attendees.

Readers of Program Manager will of course be well versed in the important role that MGAs and MGUs play within the global (re)insurance industry.

It was a real pleasure to welcome a record number of you to our Program Manager Conference and Awards at Manhattan’s Gotham Hall last month.

The MGA and programs sector – along with the E&S market – has been out-growing the broader P&C industry for a number of years, reaching a record size measured by various premium metrics.

With no let-up in the news flow around the still-burgeoning MGA sector, the first half of the industry conference season is also picking up pace.

Eyes will be on our sister publication E&S Insurer's second annual conference next week as a proxy for the growth prospects of the MGA and programs space.

How the international insurance market – and in particular those syndicates operating in Lloyd’s – can tap into the fast-growing (re)insurance market in Latin America and the Caribbean has long been a question on the minds of company management.

This time last year MS&AD Insurance Group Holdings had just completed its $400mn-plus acquisition of hybrid fronting carrier Transverse Insurance Group, in a deal that was widely viewed as a bellwether for valuations in the sector similar to Markel’s 2017 move to buy State National.

Any scene-setting thematic article on the MGA and programs sector at the start of 2023 would have looked at topics such as capacity challenges, the evolution of the fronting sector, M&A and the growth trajectory in the delegated underwriting authority space. But instead it was a scandal from the left field that became the biggest headline of the year.

Plenty has been written about the booming US MGA market and demand for fronting services that drove a wave of start-ups to the sector.

When Clear Blue relaunched its recap process with Piper Sandler back in the early summer, few could have predicted what was to unfold in the coming weeks and months.

Another record attendance at the Target Markets Annual Summit in Scottsdale last week appears symbolic of a US MGA and program sector that continues to grow.

A record attendance of more than 1,500 at this year’s Target Markets Annual Summit, as well as the reaccelerating 2022 growth reported in the association’s latest study, tells the story of a US programs sector in rude health.

A look back at some of the headlines Program Manager has published in 2023 so far could make for ugly reading for participants in the MGA and fronting space especially.

In an MGA sector where capacity is king, the appeal of entering into long-term, diversified strategic partnerships with carriers appears obvious, but such agreements can prove elusive.

Among the many takeaways from the Program Manager 2023 Conference & Awards event in New York City last week there were arguably two that resonated and could be applied across all the topics for discussion on the day.

Atain Insurance Companies has partnered with with Tampa, Florida-based MGA Vanguard Specialty to provide capacity for an excess professional liability program offering limits of up to $5mn, Program Manager can reveal.

K2 Insurance Service’s property-focused MGA Vikco has launched a new builder’s risk program that offers limits of up to $20mn, Program Manager can reveal.

Iprism, the London-headquartered construction, property and high net worth MGA, has agreed a fresh multi-year capacity deal with Zurich Insurance, expanding its existing arrangements with the Swiss insurer.

The delegated underwriting authority sector will end 2024 reflecting on a year in which it again saw a host of start-ups and bore witness to some major M&A deals, with little to suggest its recent run of growth will come to a halt.

Bermuda-based holding company Maiden Holdings has entered into a combination agreement with Kestrel Group to form a new publicly listed specialty program group.

Starfish Specialty Insurance has begun quoting for the 1 December launch of an employment practices liability offering for professional employer organisations (PEOs) and staffing firms led by former Markel senior director Michael Martocci, continuing its recent run of program start-ups, Program Manager can reveal.

Aventum Group-owned MGA Rokstone has launched a global parametric offering for natural catastrophe risks backed by NormanMax Syndicate 3939.

Digital MGA Foxquilt has begun offering its products in New York, including coverage for the challenged contractors’ general liability (GL) segment.

Former Amtrust International CEO Ronan Conboy has formally unveiled Carrow Insurance, a new MGA targeting the European mid-market insurance sector.

Professional indemnity MGA Aqueous Underwriting has secured a three-year capacity deal with Allied World and Sompo.

Brown & Brown’s Quincy, Massachusetts office has partnered with The Hanover to be the exclusive distribution partner for the carrier’s new Attorney Risk Management Solution (ARMS) program in the Bay State, Maine, New Hampshire, New Jersey, Rhode Island and Vermont.

Bitcoin specialist AnchorWatch secures Lloyd’s capacity ahead of December launch.

Insurtech MGU Argyle Insurance has agreed a multi-year capacity agreement with Mitsui Sumitomo Insurance Co (MSI) to write a portfolio of coverage targeted at SMEs in Australia.

Expansive Aventum Group-owned MGA Rokstone has added Aviva capacity to support its direct and facultative (D&F) property portfolio under a three-year binding authority agreement,

Broker Amwins and parametric flood data company Floodbase have announced a flood insurance program for California’s public sector, with some policies already bound.

The Fidelis Partnership’s specialist MGA platform Pine Walk has launched international property-focused Seraphina as its tenth MGA.

ClearView Underwriting – the repositioned former Strata program – has launched an innovative construction/renovation offering with an A rated carrier as it looks to diversify and drive growth after a multi-year turnaround,

BlueSkyRisk has launched Tower Construction Risk, a $10mn+ builders’ risk program led by former Westchester executive George Delatorre, marking the eighth program under the sub-brand of Aon-owned NFP’s Totalis platform,

Expansive Bermuda-based (re)insurance MGA Helix is preparing to launch a US platform to write a portfolio of property business, with former Icat CEO Greg Butler linked with the initiative,

Ambac Financial-owned Beat Capital Partners has launched US-based managing general agent Fallow Grove Insurance Services with Brett Dupre as president and CEO.

Russ McGuire and Daniel Bilot have departed BMS Re in the US as part of what has been described as a small number of redundancies as the reinsurance intermediary repositions its business strategy for growth under new leadership, The Insurer can reveal.

RT Specialty has appointed 18 new RT Binding Authority office presidents across the US, effective 1 January 2025.

The European division of Howden's MGA arm Dual has launched an accident and health (A&H) division led by Samia Baliad.

At-Bay has dismissed an undisclosed number of staff, including a handful of underwriting positions and around a dozen back-office staff, as part of an efficiency drive, Cyber Risk Insurer can reveal.

Parametrix Insurance co-founder and chief technology officer Neta Rozy has stepped away from her role at the cyber modelling firm and MGA.

Specialist construction MGA Phoenix Specialty has named Andrew Charlton managing director, succeeding Tim James who will transition to the role of CEO of Phoenix Global.

Alternative risk transfer-focused MGU SRS Altitude has announced its expansion into the North American market with the addition of Milan Pavlik, Amazon's former captive director.

CFC’s USA chief executive Shannon Groeber has left the company in a move that brings her near five-year stint with the London-based MGA to an end, Cyber Risk Insurer can reveal.

Hybrid fronting insurer Bridgehaven Specialty UK has appointed Doug Humberstone as head of claims.

Start-up MGA Volt Underwriting has continued its run of hires from Travelers' renewable energy leadership team with the appointment of Tom Nooth-Cooper.

Gallagher’s MGA unit Pen Underwriting has appointed Robert Dobson as marine claims manager.

Private Client Select Insurance Services (PCS) has promoted Ross Bowie to CEO, taking over from Christopher Flatt, who had been serving in the role at the Stone Point- and AIG-backed high net worth MGU on an interim basis.

Former Fidelis Partnership executive Jonny Creagh-Coen has joined London MGA Alchemy Underwriting as head of strategic relationships, The Insurer can reveal.

Falvey Insurance Group’s newly installed CEO Jack Falvey has begun his tenure at the MGA’s helm by making a quartet of appointments, with Eric Newman, Brody Karn and Brad Eldridge handed new roles, while Emma Falvey has joined the business from Westfield Specialty.

Old Republic International is set to continue its push into non-admitted specialty markets after hiring former Resilience and Beazley underwriting executives Charles “CJ” Pruzinsky and Kevin McGowan to work on its entry into cyber insurance, Cyber Risk Insurer can reveal.

Start-up MGA Volt Underwriting has bolstered its underwriting capabilities with the appointment of Louis Scott as senior underwriter, power and renewable energy.

UK MGA Alps has appointed Michelle O’Reilly as managing director, replacing the long-serving Ian Micklewright who is departing after more than 20 years with the business.

Westchester, Chubb’s excess and surplus lines division, has announced leadership changes within its programs business, promoting former COO Nick Gatt to head of Westchester programs, and Shawn Parker, previously senior vice president of Westchester programs services, to COO.

Australian MGA Agile has formally launched its Lloyd’s marine offering led by David Hughes, with the newly minted Syndicate 2427 able to deploy a A$10mn ($6.4mn) line size on any one marine risk on a global basis, The Insurer can reveal.

Transportation program administrator and wholesale broker Avant has hired Jim Arnold from Markel as COO and named Jenn Creamer as CUO.