Regulation

Why MGAs using overseas capacity is a growing concern and what can be done about it

HFW’s Will Reddie and Bob Haken on some of the challenges MGAs can face when using overseas capacity.

Arcadian Capital enters mid-market E&S casualty with Joy on new US platform

Bermudian MGA Arcadian Risk Capital has been approved for its new legal entity in the US and confirmed the hire of Biju Joy, who will head up its mid-market E&S casualty initiative.

European Commission gives green light to Onex acquisition of R&Q Accredited

The European Commission has approved private equity firm Onex Corporation’s proposed $465mn acquisition of R&Q’s profitable program fronting platform Accredited.

Japanese regulator issues business improvement order to big four P&C insurers

The Japanese Financial Services Agency (FSA) has issued a business improvement order to the four largest P&C insurers in Japan as part of an ongoing investigation into allegations of violations of the Antimonopoly Act.

MGA and fronting sector faces tighter scrutiny in wake of Vesttoo scandal

With the fall conference season in full swing, the fallout from the Vesttoo collateral fraud has unsurprisingly been a hot topic of conversation, with already heightened scrutiny of counterparty credit in the MGA and fronting sector and concerns over the negative impact of potential regulatory overreach.

XS Global secures approval to begin underwriting through London platform

XS Global’s nascent London operation has received approval to begin underwriting in the UK, in a move which hands the MGA a platform from which to target international expansion, The Insurer can reveal.

Conning: Diligence, reinsurance costs, ratings scrutiny among Vesttoo fallout

Conning has highlighted a greater focus on diligence and risk management, reinsurance costs and diversification, regulatory and rating agency scrutiny, and fronting sector growth impacts as among the key ramifications of the ongoing Vesttoo scandal.

Brewis: UK insurance sector ahead in Consumer Duty preparations

The innovative nature of MGAs and their ability to set up quickly to respond to the needs of customers positions them well to fulfil the product design component of upcoming Consumer Duty regulation, according to the Financial Conduct Authority’s director of insurance Matt Brewis.

MGA Abu Dhabi Re handed full regulatory approval following underwriting launch

Andrew Sturdy’s Abu Dhabi Reinsurance Company Ltd has been handed Financial Services Permission by Abu Dhabi Global Market’s Financial Services Regulatory Authority.