Pen Underwriting has appointed Megan Jones as capacity relationship manager.
Medical professional liability-focused insurtech MGA NOW Insurance has launched two new programs targeted at physicians and physician groups that will be written on the capacity of Arch Insurance, Program Manager can reveal.
Welcome to this month's edition of Program Manager, your monthly digest of important developments in the program sector space.
Ascot and its owner CPP Investments are working with advisor Evercore to assess strategic options for MGU platform Ethos Specialty that could lead to a full sale, Program Manager can reveal.
US program sector growth accelerated in 2022 with no sign of a change in the trajectory that has seen it expand by 352 percent since 2010, as administrators line up new launches and carriers look to grow, according to the latest Target Markets Program Administrators Association study.
Munich Re Specialty Insurance’s programs business team is targeting further growth in 2024 as it looks to build out its existing $1bn+ North American portfolio, with the company considering expansion into market segments where pricing, terms and conditions meet its underwriting criteria.
Emerald Underwriting Managers has quickly gained traction since launching a year ago to capitalize on dislocation in the US casualty market, and according to a pair of its underwriting executives, the Ryan Specialty MGU is having success filling gaps on towers as other capacity providers have retrenched.
Intact Financial’s global specialty lines platform is continuing to target niche-focused MGA opportunities where it can strategically partner through investment or ownership as well as providing capacity, according to the division’s CEO Mike Miller.
MGAs and program managers have evolved from a soft market tool for carrier growth to a permanent fixture, becoming the “premier part” in the risk transfer process by delivering profitable underwriting results and meeting the specialty needs of clients through innovation, according to Resilience president Mario Vitale.
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.
Constrained capacity is hindering some program administrators’ ability to grow, with those that are successful providing niche expertise and not simply capacity, according to Chris Pesce, national programs practice leader for One80 Intermediaries.
Another record Annual Summit attendance is a reflection of the “incredible growth” of the specialty insurance space and specifically the delegated authority distribution model, with the segment in robust health and no sign of that changing, according to Target Markets president John Colis.
Record-breaking severe convective storm losses this year have reinforced the importance of ensuring more buildings are resilient to the increased threat, according to Munich Re’s Mark Bove.
State National has long been considered the Goldman Sachs of fronting. Its pedigree, reputation and balance sheet strength set it apart from the recent arrivistes – often private equity backed and keen to capture a share of the buoyant MGA/program management 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 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.
The US MGA and programs sector is gearing up for the TMPAA Annual Summit in Scottsdale next month.
If Trisura’s reinsurance recoverables dispute with Orion180 and the James Allen affair caused ripples in the US MGA, programs and fronting space, then the Vesttoo scandal that has dominated headlines for the last four weeks looks nothing less than a tsunami.
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.
AM Best understands the damage it can cause when it downgrades a company’s financial strength rating below A-, which is why it is cautious and methodical before taking this step.
In an MGA sector populated by entrepreneurial businesses, the exit horizon – no matter how far down the line – is always a point of focus for executives and their financial sponsors.
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.
One consistent theme of the last few months across the P&C industry has been the impact of a significantly harder reinsurance market and what that means for availability and cost of capacity.
News early this month of Trisura’s painful fourth quarter courtesy of a collateral disagreement related to a reinsurance captive of an MGA program it fronted for came as wholesale brokers were still scrambling to replace capacity related to the James Allen affair.
The largely soft reinsurance market of the last decade or more was arguably a big enabler for the MGA and programs sector, providing a stable source of capacity as the foundation for growth.
Much has been written over the last few years about the maturation, sophistication and professionalisation of the MGA, MGU and program administrator space.
Aventum Group-owned specialty MGA Rokstone has launched a contingency portfolio in the UK and Europe, with plans to expand into other regions including North America in 2024.
Embedded insurtech MGA Oyster has launched a new insurance program that provides shops and marketplaces with theft and damage coverage for rental bikes, ebikes, kayaks and paddleboards, with the offering backed by capacity from Great American Insurance Company.
Private equity firm Altamont Capital Partners has added to its ecosystem of insurance investments with the launch of hybrid company Hadron Holdings, which will be initially focused on the US with future plans for international expansion, Program Manager can reveal.
A new technology-enabled MGA called Futuristic Underwriters has been brought to market, aiming to bring cutting-edge solutions to contractors, manufacturers and distributors, real estate owners and operators, professional service organisations and transportation fleets.
Platinum Specialty Underwriters’ IPC division has secured the AM Best A- capacity of hybrid fronting carrier Obsidian to launch an exclusive program dedicated to hired and non-owned auto insurance.
Insurtech MGA Breach Insurance has agreed a capacity deal with AM Best A- rated Accelerant to support a new program targeted at institutional clients of crypto custody solutions.
San Francisco-based Rainbow has launched an annual term business owner's policy specifically tailored to the restaurant industry, with the MGA entering the admitted commercial multi-peril market with Accelerant capacity.
NFP has launched Totalis Program Underwriters, a new integrated underwriting platform housing the retailer’s expansive $750mn-premium MGA business and 17 distinct programs, led by Tom Gillingham, Program Manager can reveal.
Brown & Brown-owned Protector Plans is offering a new primary executive liability program providing D&O, employment practices, fiduciary, employed lawyers, crime and miscellaneous professional liability coverage to both private and not-for-profit insureds.
Wildfire-focused insurtech MGA Delos Insurance Solutions is in the early stages of capacity discussions to launch a new SME commercial property program, and is in separate talks to reboot its high-value homeowners program, E&S Insurer can reveal.
Program manager NIP Group has brought a new swimming pool builder and service contractor-focused insurance offering to market backed by capacity from an unnamed AM Best A+ rated carrier.
Atain Insurance Companies has hired Cara Delestienne as head of binding authority, with the recruit joining the HW Kaufman Group-owned carrier from Florida-based wholesaler and managing general agent MacNeill Group.
James River Group Holdings has promoted William Bowman to president and CEO, specialty admitted insurance.
Specialist marine MGA Amphitrite Underwriting London has appointed industry veteran David Harris as non-executive chair.
Former Aon trade credit specialist Ewa Rose will join London-headquartered insurtech start-up Bondaval in February next year as chief underwriting officer.
Ascot’s US head of excess casualty Brandon Vanderbeck has resigned from the carrier along with deputies Geoff O’Callaghan and Christopher Dacchille, with the trio expected to join a new MGA being set up by former colleague Pat Kenahan, The Insurer can reveal.
Renewable energy-focused MGA kWh Analytics has appointed Isaac McLean as its new chief underwriting officer as the platform readies to bolster its property offering.
Classic car MGA Hagerty has hired Gary Chard as senior vice president of marketplace operations.
Augment Risk has officially unveiled Andrew Matson as its CEO to drive what it describes as a “differentiated whole-of-business broking approach”.
Ryan Specialty has named Thomas Nash president of professional liability managing general underwriter CorRisk Solutions, an appointment that follows Kelly Underwriting Services becoming part of the Pat Ryan-led firm in the summer.