Insuramore: Global delegated authority premiums hit $100bn in 2020
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 reveals SiriusPoint UW partnership with middle market cyber program
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.
Steel City Re partners with Tokio Marine Kiln for new ESG protection
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’s Shomer secures Lloyd’s support for new senior living program
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.
Propel and Zurich partner on manufactured housing program
Flexpoint Ford-backed retail insurance agency Propel Insurance has finalised a new manufactured housing program called MHC Pro in collaboration with Zurich North America.
Palomar launches fronting business PLMR-FRONT
California-based specialty insurer Palomar Holdings has entered the fronting sector of the US market with the launch of PLMR-FRONT.
Dual’s EIURS partners with Intact for inland marine expansion
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.
Crusader and State National unit terminate quota share
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.
Unico American retains TigerRisk for strategic review
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.
McGowan to buy Country Financial’s habitational underwriter MiddleOak
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 pulls sales process as PE bids fall short of expectations
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.
Accredited enjoys the fruits of buoyant program market but lays credit to years of patience and back-office build-out
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.
Incline hires CFO and CRO to help drive growth
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 postpones September symposium
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 downgrades Crusader again and warns over parent’s liquidity
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 working with Barclays to raise capital as targets $1bn volume in 2022
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 Capital Special Risks promotes Sedliak to president
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.
Hippo’s McCathron says diversification will reduce loss ratio as share price slides on Q2 spike
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.
Obsidian partners with SafeLease on tenant protection program
Hybrid fronting carrier Obsidian Insurance Holdings has teamed up with SafeLease Insurance Services to launch a tenant protection program.
Howden: $800mn Align deal “takes Dual to a new level”
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 share price plummets 29% after Q2 earnings miss
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.
Dual to acquire Align Financial with Sweeney to lead combined US operations
Mission UW attracts PA pipeline with series ownership and turnkey model
Trean Q2 GPW soars on new and existing programs and 7710 acquisition
McGriff CEO Ulmer departs for new M&A-focused role at Alliant
Berkley Programs Specialists partners with CISA on new condo offering
Hippo follows Ally announcement with new Incline carrier relationship
Brown & Brown’s Tampa Programs recruits QBE NA CUO Grant
McGowan strengthens PL position with Arbanas acquisition
Quantum Specialty is latest PA to launch on Mission platform
Metromile shares drop over 20% following Q2 loss ratio spike to 74.2%
TransRe US insurance offshoot Fairco names O’Gwen CEO
Balance Partners rolls out more core programs in dual-track strategy
Tiptree will “revisit” whether to float Fortegra “at some point”
Sankaran: MGAs to drive SiriusPoint insurance premium growth in coming years
Corvus enters admitted cyber and E&O market with Wingman acquisition
SynchronoSure and Sutton expand partnership with excess liability offering
Target Markets takes barometer of US program sector
R&Q’s Accredited sees H1 GWP soar 80% after 13 new programs added
Insurtech MGA Koffie partners with Sutton National and Boost on trucking policies
E&S premiums surge 22% in H1 2021
Flood specialist reThought primes for growth with $15.5mn Series A raise
Resilience looks to Ironshore and Coalition for underwriting hires
Incline P&C partners with CRC’s 5Star Specialty Programs
RPS hires Bahn to lead product and program development
Corvus to launch AI and data-driven property program following Schofield hire
Industry veteran Rheel to join program manager CIBA as CEO
Berkley partners with Sonoran National on rental car operators program
Auto dealer MGU Risk Point in Goldman Sachs sale process
Clear Blue narrowing down bids in Evercore-run sale process
Hippo forms E&S carrier Spinnaker Specialty targeting PA and MGA business
Ex-Vindati CEO Van Spanje launches specialty insurance MGA Timby
SiriusPoint launches MGA Banyan Risk with Chubb’s Usher-Jones
GC confirms arrival of Willis Re’s Petka and Underwood
Obsidian adds California presence with Western Home acquisition
Curotech secures Accredited capacity for new E&S commercial property program
Joyn begins underwriting SME property offering with SiriusPoint
CRC unveils Specialty Programs Division as Constellation deal closes
Beazley renews capacity deal with Aston Lark-backed MGA Spring
Rokstone launches cargo facility with Birchard at helm
Amynta buys MGA Scion Underwriting Services from Brit
Socius secures backing from Abry Partners for growth
Jensten expansion continues with acquisition of broking and MGA platform Tasker
Anand re-emerges at sports insurtech Player’s Health
Accredited continues European expansion with Heca partnership
Cyber program manager Resilience hires Beazley’s Camme
MGA RiskPoint strengthens offshore renewable team with Codan hires
AM Best signals potential A- rating for rebooted Concert fronting carrier
Hitzig working on programs start-up Starfish Specialty Insurance
Willis Re NC exec Miller resigns and set for McGill move
New fronting carrier Concert to offer captive and hybrid program solutions
Insurtech start-up Honeycomb launches commercial real estate program with Accredited
BRP hires ex-AIG SVP Patel for homeowners MGA role
Distinguished Programs explores raising minority capital
Hub launches transportation excess liability product with Trisura
Venbrook gets Everspan capacity for medical transportation program
IMA’s Cornerstone strengthens cannabis capabilities with CLIC acquisition
RPS and ISMIE partner on PL program for insurance agents/brokers
Maintaining momentum…
Skyward-reThought tie-up targets “wide open” commercial flood market
Reciprocal exchange adds stable capacity as SageSure looks to grow beyond $800mn
Ethos Specialty adds casualty exec Canfield
Tech firm Peak6 to buy parent of Florida MGA MacNeill
Coalition to distribute cyber coverage to QuickBooks customers
Branch closes $50mn Series B with Anthemis, AmFam, HSCM and Scor backing
Embroker plans full-stack expansion after $100mn raise with HSCM among investors
Alliant completes Confie acquisition
Accelerant buys Agribusiness Risk Underwriters
Skyward Specialty partners with MGA reThought on commercial flood offering
Insurtech Scale gets Beazley capacity for influencers media liability coverage
Dual and R&Q’s Accredited extend partnership with new US D&O offering
TigerRisk’s Abramson joins insurtech Cover Whale as president
Ex-Argo exec Landi teams up with Griffin Highline and HDI for financial and cyber lines MGA
Ascot launches builders’ risk program with Highland
Pet insurtech MGA Odie raises $3mn in funding
Hippo strengthens leadership team ahead of SPAC merger completion
Victor relaunches builders’ risk program with Berkshire capacity
Buckle closes acquisition of two Atlas subsidiaries
Markel adds QBE NA’s Xu to specialty programs platform
Corvus adds Aquiline and FinTLV as investors with $15mn Series C extension
D&O start-up Rising Edge launches with Vantage Risk and Accredited support
CRC Programs-Constellation combination creates expansive $2.3bn platform
Obsidian adds Ferguson from Liberty as head of business development
R&Q targets program management opportunities from ongoing MGA boom
Dual continues NA buildout with QBE’s Newman and AGCS’ Iyer
Topa back in the market for potential sale
Relation explores MGA strategy as revenues double to $180mn
Anderson Benson gains Lloyd’s coverholder status after Beazley media E&O program tie-up
Trisura reports strong momentum in US hybrid program fronting platform
Fronting start-up Southlake Specialty targets diversified portfolio
Trean stock trades down after share offering announcement
Dual hires WTW pair Dame and Jenkins to aid US push
WTW Canada loses programs head Pires to NFP as recent exits near 30
Altamont backs launch of tech-driven PA platform Mission UW
Arrowhead launches E&S program with Obsidian
Transverse teams up with Lumen Risk Services for property program
Spinnaker names USAA’s Ostergaard CEO as Ingrey moves to COO role
SRG builds out MGA portfolio with Blackrock acquisition
ISC launches GL program for gig economy contractors with Markel
Texas reciprocal SURE launches in partnership with coastal MGU SageSure
Jewellery insurtech BriteCo unveils new program with Hannover Re’s Glencar