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.

Record attendance at the Target Markets Program Administrators Association Annual Summit in Scottsdale, Arizona this month – officially around 1,600, but unofficially far higher – was the latest evidence of strong interest in a sector that continues to demonstrate meaningful growth.

Fresh from launching an E&S habitational program alongside its established admitted offerings, Honeycomb is looking to translate its low loss ratio built on data-driven risk selection to other areas, according to founder Itai Ben-Zaken.

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.

As the market transitions from the recent hard phase, MGAs and program administrators that have diversified portfolios are better placed to maintain profitability amid softening rates, according to Chris Pesce, national programs leader at One80.

Strong demand for specialty MGA assets among strategic buyers including Ryan Specialty and TIH is driving M&A activity in the space and sustaining high valuation multiples, in contrast with a fronting carrier sector that has not seen a predicted consolidation wave.

Unison Risk Advisors has acquired E&S MGU Avondale Insurance Associates, adding its first non-retail business and its fifth platform deal overall,

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,

Clear Blue has hired Falls Lake’s Bakari Watkins as head of claims along with Dave Horn in a senior actuarial role as it continues to add to its senior ranks to support the growth trajectory of its repositioned portfolio,

Bishop Street Underwriters is close to agreeing a clean lift of the circa $140mn-premium Ethos Specialty transactional liability (TL) business from Ascot, with the Navine Aggarwal-led team expected to hold a meaningful equity position in the unit,

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,

Wildfire MGA Delos Insurance Solutions has secured $9mn of Series A funding in a round led by HSBC Ventures, a raise that comes as the insurtech expects to hit $80mn in premium for 2024,

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.

Bishop Street Underwriters has a pipeline of M&A deals and de novo MGAs in the works as it targets entrepreneurial talent for the rapid buildout of its platform with the support of private equity backer RedBird Capital,

The MGA market has been in a growth “super cycle” for the past decade, and with investor interest in the space and related markets like the fronting carrier sector still high, there is little to suggest its expansion will soon end.