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.

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.

Mission Underwriters (Mission) is set to launch multi-line MGA Carrow Insurance, led by Ronan Conboy.

Stellar Cyber, a provider of Open XDR security solutions, has partnered with Converge Insurance to launch the RiskShield Cyber Insurance Program for managed security service providers (MSSPs) and their customers.

Ambac Financial Group has confirmed that it has partnered with surplus lines veteran Mike Miller and his team on the launch of excess and surplus lines MGA Pivix Specialty Insurance Services.

Pine Walk, the Fidelis Partnership’s MGA incubation platform, has formally unveiled Silverflame Re, confirming this publication’s earlier reporting that the specialty reinsurance cell was set to launch in October.

Annamaria Landaverde is set to partner with Euclid to launch a new cyber MGU following her exit from Munich Re, Cyber Risk Insurer can reveal.

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

Emerald Bay Risk Solutions founding CEO Dave Ingrey has stepped down from the role and is expected to take on a board position while head of business development Ken Ingrey is leaving the Bain Capital-backed fronting carrier, Program Manager can reveal.

Specialty MGA Rokstone has strengthened its direct and facultative property team with the appointment of Henry Hogarth as senior underwriter.

BP Marsh-backed transactional risk MGA Devonshire Underwriting has continued its build-out with the hire of Kate Nolan as a tax associate, effective immediately.

New York-based Roosevelt Road Specialty has promoted Nick Markgjonaj to CUO for RISE Habitational and Leroy Marshall to senior vice president for Tradesman Program Managers.

Dual North America has appointed Andreas Graham as executive vice president of its EIURS team and Ed Frey as senior vice president of professional liability.

Nationwide has named James Walsh head of E-Risk Services, its wholesale distribution subsidiary for private company specialty lines underwriting.

Concert Group has promoted Scott Stosek to the newly created position of director of finance, while the executive has also been handed the role of CFO at the fronting carrier’s in-house risk retention platform Harmony Re.

Ryan Specialty's international financial lines MGU has expanded its executive leadership team following the recent acquisition of Innovisk Capital Partners.

Roosevelt Road Re has added Andy Crichton to its ranks with the new hire tasked with strategic underwriting and expansion of the Bermuda-based firm’s property reinsurance portfolio.

Real estate MGA Ventis has appointed Fiona Young as senior underwriter.

Ryan Transactional Risk, part of Ryan Specialty Underwriting Managers, has unveiled a raft of changes to its senior leadership team, including the appointments of current managing directors George Pearce and Rich Stansfield as global co-CEOs.

Altamont Capital’s hybrid insurer Hadron has confirmed that Accredited Europe’s Colin Johnson will join the firm as international CEO as the fronting carrier said it expects to write over $200mn in premium in 2024.

Bishop Street Underwriting has hired strategy and capital markets executive Jeff Arricale from The Woodlands Financial Group as its CFO as the MGA platform continues its rapid build out, Program Manager can reveal.

The CUO for construction-focused MGA Tradesman Program Managers Steve Sanchez has resigned from his role to take up a new post with Arthur J Gallagher-owned wholesaler Risk Placement Services, Program Manager can reveal.

Everspan’s founding general counsel and chief compliance officer Nicholas Scott is stepping down from his posts after four years with the fronting carrier, and is expected to move into private practice.

Wildfire MGA Delos Insurance Solutions has appointed former New Paradigm Underwriters executive Gloria Hendrickson as its new head of reinsurance.

Specialty MGA Optio Group has continued to build out its senior team with the appointment of Oliver Sheppard as head of financial lines.

Alchemy Underwriting has entered the marine market with the hire of four underwriters formerly with The Hartford led by market veteran James Wilkie,

Former Aon Underwriting Managers executive Dan Walsh has been appointed chief underwriting officer of Ardonagh Specialty MGA.