R&Q’s share price has risen 13 percent in early trading following confirmation the company is in advanced discussions with Canadian private equity firm Onex Corporation over the sale of its hybrid fronting business Accredited.
Iowa-based national broker Holmes Murphy has hired program veteran Tim Anders to lead its new MGA practice.
Welcome to this month's edition of Program Manager your monthly digest of important developments in the program insurance space.
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.
Earlier this month AM Best assigned a positive outlook to the MGA sector – or the delegated underwriting authority enterprise sector as the firm characterizes it.
This publication was launched a couple of years ago because we, as publishers, saw an opportunity to bring a valuable news service to a booming sector.
The “capacity is king” trope is widely used in the MGA and programs space, and for good reason.
If the challenge of the inflationary impact on property reinsurance renewals was a dominant theme of the Monte Carlo Rendez-Vous last week, then the buoyant state of the $100bn+ programs and MGA sector may be seen by some as a welcome diversion for reinsurers retrenching from cat that are seeking other growth opportunities.
For almost as long as the ILS market has been around the question has been when and whether an asset class hitherto dominated by cat risk could be broadened to encompass longer-tail exposures and provide a more diversified uncorrelated portfolio to investors.
With mounting recessionary fears amid surging inflation and rising interest rates; geopolitical uncertainty from the Russia-Ukraine conflict and government instability elsewhere; and a growing frequency of extreme weather events, storm clouds are gathering over the global outlook.
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.
Insurtech MGA Shepherd has brought a trio of construction-focused primary insurance products to market, with the new admitted offerings written on the paper of Core Specialty’s StarStone National Insurance Company.
Small business focused insurtech Slice has extended the reach of its Philadelphia Insurance-supported excess and surplus lines contractors general liability coverage into Alabama, Arizona, Maine, Michigan, North Carolina, Oklahoma, Virginia, Vermont, and Wisconsin.
First Insurance & Risk Management is the latest addition to the Mission Underwriters turnkey platform, with the new small business-focused insurtech MGA offering GL coverage written on Accelerant National Insurance Company paper in eight US states, Program Manager can reveal.
Amwins and MSIG North America have confirmed a strategic partnership that will bring the insurer’s A+ capacity across 20+ existing programs, with the wholesale giant’s CEO Scott Purviance adding that the tie-up will drive new product development.
Builders is providing its AM Best A rated paper to a new program offering business owners policies in a move that partners the specialty insurer and hybrid fronting carrier with insurtech platform Accelerant and MGA Volta Underwriters Services, Program Manager can reveal.
Rockwood Programs has launched a new financial institutions-focused management and professional liability offering to be underwritten on capacity provided by Fortegra Specialty Insurance Company.
Workers’ compensation-focused insurtech MGA Hourly has broadened its panel of capacity providers with the addition of Nationwide E&S/Specialty.
McGowan Program Administrators has brought a new youth sports event cancellation insurance offering to market, with the coverage providing coverage of up to $1mn.
Amwins Access has teamed up with PartnerRe Insurance Solutions Bermuda for an excess wildfire program that offers limits of up to $7mn for California-based residential properties.
Specialty MGA Nirvana has launched a €20mn warranty and indemnity binder for European SMEs, backed by Lloyd’s capacity.
K2 Insurance Services’ Partners General Insurance Agency has hired Angel Yu to spearhead the launch of a new lead excess liability program offering limits of up to $10mn, written on the capacity of two unnamed carriers.
Amwins has appointed company veteran Munawar Ali to the newly created position of executive vice president of product development and capacity.
Fronting carrier MS Transverse has appointed Chris Cebula as senior vice president of reinsurance, with the executive previously having worked at Palomar and Elementum Advisors.
Dennis Kearns, president of Dual Transaction Solutions, along with executive vice presidents Patrick Darragh and Dan Simnowitz, resigned on Friday with plans to launch a new transactional liability MGA, Program Manager can reveal.
Cyber specialist Cowbell has launched a new UK-based program called Prime One targeting SMEs and the middle market and announced the hire of former Howden and Aston Lark executive Catherine Aleppo as its new UK sales director.
Recently launched SME-focused cyber MGA Converge Insurance has named Ambridge Partners’ Ryan Mimmo head of cyber underwriting, following a July management reshuffle in which chief insurance officer Tom Kang was appointed CEO.
Dual, the specialist underwriting arm of Howden Group, has appointed Simon McGinn as UK CEO as part of wider plans to transform the UK business.
Zurich North America veteran Denise Olson is retiring from the business with Eric Cittadino stepping up and succeeding her as the company’s head of programs.