Premiums in the global delegated underwriting authority market totalled $100bn in 2020, according to estimates from Insuramore, with revenues generated by MGAs, MGUs and coverholder groups hitting $12.5bn fuelled by growth in E&S lines and mounting interest in specialist risk classes such as cyber.
Corvus Insurance and SiriusPoint have announced a strategic investment and multi-year underwriting capacity partnership, with an initial cyber program fronted by R&Q’s Accredited that the insurtech’s management explained to The Insurer will sit alongside its existing cyber offering with Hudson Insurance Group.
Reputation parametric insurance specialist Steel City Re has launched a new ESG-focused product having secured capacity backing from long-term supporter Tokio Marine Kiln.
Alera Group’s healthcare-focused subsidiary Shomer Insurance Services has secured Lloyd’s reinsurance capacity for a new senior care-focused general and professional liability (GLPL) insurance program as clients look for new options with rates remaining high and carriers having cut back coverage.
Flexpoint Ford-backed retail insurance agency Propel Insurance has finalised a new manufactured housing program called MHC Pro in collaboration with Zurich North America.
California-based specialty insurer Palomar Holdings has entered the fronting sector of the US market with the launch of PLMR-FRONT.
Dual North America subsidiary Energy, Industrial, and Utility Risk Solutions (EIURS) is expanding its inland marine coverage by adding casualty products for the energy, environmental, and contractors sectors on the AM Best A+ paper of Intact Insurance Specialty Solutions.
Unico America Corporation, which has launched a strategic review, has revealed that its subsidiary Crusader Insurance Company and State National subsidiary United Specialty Insurance Company have terminated their quota share reinsurance agreement.
The board of Unico American Corporation has authorized a review of strategic alternatives aimed at enhancing shareholder value, with TigerRisk Capital Markets & Advisory retained as financial advisor, a move that follows AM Best last month downgrading its subsidiary Crusader Insurance.
Program administrator The McGowan Companies has entered into an agreement with Country Financial to transfer the assets, including the renewal rights, of commercial habitational underwriter MiddleOak and wholesale broker Dauntless Specialty Brokerage to McGowan.
Clear Blue and its majority owner Pine Brook have cancelled the Evercore-run sales process for the hybrid fronting carrier after final bids from private equity firms didn’t match expectations based on its growth trajectory, The Insurer can reveal.
The rapid expansion of the US fronting and program management sector over the past 12-18 months has been a positive feature of the P&C industry at a time of Covid gloom.
Fast-growing insurance program market services firm Incline P&C Group has announced a series of hires including former Covariance Capital Management executive Sheel Patel as chief financial officer.
Accredited America has postponed its inaugural event for MGAs, program administrators, reinsurers, reinsurance brokers, TPAs and other market constituents that was scheduled to take place next month in Jacksonville, Florida in an early sign that the US fall conference season could again be disrupted.
AM Best has downgraded Californian program carrier Crusader Insurance Company for the second time in less than three years as it highlighted persistent erosion of policyholders surplus as a result of continued operating losses and concerns over the liquidity of its parent, Unico American Corporation.
Incline P&C is seeking to raise additional capital as the insurance program market services firm looks to grow to around $1bn of premium volume in 2022 and acquire an E&S carrier after recently adding programs with insurtechs Hippo and Root, The Insurer can reveal.
Specialty Program Group’s E&O and management liability focused-platform Capitol Special Risks (CSR) has promoted Amanda Sedliak to president, succeeding Dorothea Westin who is transitioning to a new role.
The president of Hippo has stressed that the homeowners insurtech’s loss ratio will improve over time as a result of growth and diversification, with investors sending its shares down over 8 percent in trading on Tuesday following a jump in the Q2 loss ratio to 161 percent.
Hybrid fronting carrier Obsidian Insurance Holdings has teamed up with SafeLease Insurance Services to launch a tenant protection program.
David Howden said Dual’s acquisition of Align Financial Holdings will create a combined underwriting platform “like no other MGA” after revealing the group paid $800mn for the deal.
Trean Insurance Group’s share price plunged more than 29 percent on Thursday as shareholders responded to the hybrid MGA and carrier platform’s second quarter results that failed to match analysts’ consensus.