GCube’s Sharma exits for broker start-upTokio Marine HCC-owned GCube’s Jatin Sharma has left the renewable energy-focused managing general agent and is due to join a soon-to-be launched risk consulting, wholesale and reinsurance broking platform, The Insurer can reveal.
Shift in sentiment at Lloyd’s as start-ups circle Lime StreetAmid widespread acceptance that, for many classes at least, we are now in a hard market, the opportunities presented by having a Lloyd’s platform have moved sharply into focus.
European legacy start-up Marco poised to launch with Eur500mn Oaktree Capital backingSimon Minshall-led legacy start-up Marco Capital Holdings is already active in a number of live Lloyd’s and non-Lloyd’s legacy sale processes as it is poised to enter the run-off market with circa Eur500mn ($590mn) private equity backing from Oaktree Capital, The Insurer can reveal
AM Best notes broad opportunities for start-upsThe broad opportunities presented by the hardening market mean any new start-ups in 2020 are likely to focus on traditional insurance products, according to AM Best, which also highlighted hurdles for new formations.
Dutt leaves RenaissanceRe VenturesAditya Dutt is leaving his position as senior vice president of Ventures at RenaissanceRe to “pursue a new opportunity” with the Bermudian reinsurer’s CEO Kevin O’Donnell assuming responsibility for the ILS and third party capital management unit on an interim basis.
E&S entrants should not overlook regulatory “sea change” since last waveLawyers at McDermott Will & Emery have suggested that the capital looking to get into the US excess and surplus lines (E&S) market should ensure they are using the post-Dodd-Frank playbook taking note of US regulatory changes in recent years.
Noonan actively seeking “scale-up” E&S opportunityFormer Validus CEO Ed Noonan is in the process of identifying a suitable platform for an E&S play after receiving multiple approaches from potential private equity investors looking to access the fast-hardening market segment, The Insurer can reveal.
Capital raises, downgrades and de-risking …so, what about the start-ups?We’ve experienced the downgrades (Axis, Generali), and we’ve had the equity raises (QBE, R&Q, Hiscox and earlier this week, Beazley).
CAC meeting market challenges and set to place $300mn+ in 2020: RiceCAC Specialty is set to place upwards of $300mn in premium by year end with the broker continuing to win new business despite the Covid-19 outbreak and actively seeking to bring in yet more talent, chief executive Mike Rice (pictured) has told The Insurer.
McGill and Partners headcount tops 200 as New York office set to openWarburg Pincus-backed broking start-up McGill and Partners has now made 204 hires in under a year, with the transatlantic firm posed to open its New York office.
New broker Protecdiv eyes $100mn revenue in five yearsSpecialty property and casualty brokerage Protecdiv is now open for business and targeting $100mn of revenue within the next five years, after the company secured financial backing for the new venture.
Brewer Lane looks to build on managing partners’ track recordThe managing partners of newly launched Brewer Lane Ventures are optimistic they can identify investments that will not only provide their business with successful opportunities, but also help to push the (re)insurance industry forward.
MGA start-up Helix secures QBE capacity for property launchBermudian start-up multiline MGA Helix Underwriting Partners is set to begin underwriting after securing QBE capacity to support its debut offering in US property insurance, The Insurer can reveal.
Convex to write over $1bn gross premiums in first two years: S&PS&P has assigned Convex an A- rating while estimating the greenfield insurer’s combined ratio will fall below 100 percent in 2021 and it will write over $1bn in gross premiums in its first two years.
Eklund mulls new retro ILS start-up for 1.1Former RenaissanceRe and Aeolus executive David Eklund is working on a potential fundraising for a new retro-focused ILS fund that is thought to be targeting a size of up to $600mn-$700mn, The Insurer can reveal.
Bermuda bellwether for market againFor a small island some 800 miles off the Carolinas, Bermuda has punched above its weight to carve out a position as a key (re)insurance center over the last 35 years.
Ward working on multi-line (re)insurance MGA start-upFormer Willis Re executive Conan Ward is talking to high-rated carriers, investment funds and technology firm Qomplx about a potential MGA platform that would look to write reinsurance, retro and select facultative and insurance lines, The Insurer can reveal.
Convex Group launches with London and Bermuda regulatory approvalStephen Catlin has formally unveiled his new international specialty (re)insurer with $1.8bn of initial committed capital, an AM Best A- (excellent) rating and regulated platforms in Bermuda and London approved to begin underwriting from 1 May.