London Market

Transverse closing in on UK platform ahead of 1.1 underwriting launch

US-based hybrid fronting carrier Transverse is in the advanced stages of securing a UK entity with the platform aiming to go live ahead of the 1 January renewals, Program Manager can reveal.

Spring Insure bolsters UK-focused underwriting team with Protean’s Thomas

Financial and professional lines-focused MGA Spring Insure has added Bethany Thomas to its ranks with the new hire appointed senior underwriter.

CFC secures fresh PE investment at high-water mark valuation

CFC Underwriting has secured a major investment from private equity firm EQT and existing backer Vitruvian Partners at a new high-water mark valuation for the highly regarded London market MGA firm.

BondAval completes $7mn seed funding round

Payment security-focused insurtech MGA BondAval has concluded a $7mn seed round led by UK-based venture fund Octopus Ventures with US-based fund Expa also investing in the business along with existing backers Insurtech Gateway and TrueSight Ventures.

Envelop Risk secures $130mn in SoftBank-led investment first

SoftBank has led a Series B investment of up to $130mn in Envelop Risk in what is thought to be the first direct investment in the P&C specialty/reinsurance space by the world’s largest tech investor and will see the UK-Bermuda cyber reinsurance MGA and modelling firm establish a hybrid balance sheet model.

Beazley renews capacity deal with Aston Lark-backed MGA Spring

Spring Partners, the London MGA launched by Goldman Sachs-backed broker Aston Lark, has renewed its financial institutions (FI) capacity deal with Beazley and named Emma Stanford as lead underwriter.

Jensten expansion continues with acquisition of broking and MGA platform Tasker

Private equity-backed Jensten Group has acquired independent broking and MGA operation The Tasker Group in a “transformational” deal that significantly boosts its bid to have £500mn of gross written premium (GWP) under its control within the next three to five years.

Washbourn returns to London market with Fidelis MGA

Veteran London market marine underwriter Clive Washbourn is returning to live underwriting with Fidelis’ MGA platform Pine Walk.

Dale hires Apollo’s Forder as new property reinsurance head

Dale Underwriting Partners (DUP) has brought in Tony Forder from Apollo Syndicate Management as its new head of property reinsurance, replacing Chris Sharp who left last month.

MGAA names Coakley as head of operations

The Managing General Agents’ Association (MGAA) has named Julia Coakley as head of operations.

Innovisk’s renewable energy MGA Albus to close

Innovisk Capital Partners’ renewable energy-focused Albus Underwriting is entering into run-off less than two years after the platform began writing business after Argenta pulled its support for the underwriting agency, The Insurer can reveal.

BGSU continues programs expansion with Pioneer’s Davis

Brit Global Specialty USA (BGSU) has named Scott Davis as vice president, programs underwriting, as the Lloyd’s carrier looks to bolster its programs unit in the US.

Brit partners with Tangram and Costero on K&R facility

Brit Syndicate at Lloyd’s has partnered with US MGA Tangram Insurance Services and broker Costero Brokers to launch a kidnap & ransom and personal accident facility.

Capacity marketplace seeks to match programs with carriers

A new London-based platform has been launched targeting program owners and trading partners which its founder has said “will help to modernise the way the market interacts”.

Accredited to further build out platform after hitting $1bn premium mark

R&Q’s program management and fronting specialist Accredited now has $1bn of contracted gross written premium (GWP) across its US and European platforms and has plans to further extend its footprint by geography and the paper it can offer MGA and reinsurer partners.

K2 International launches following close of Pioneer takeover

US program manager K2 Insurance Services has established K2 International, a London-based specialty insurance and reinsurance underwriting platform.

Aon hires TMK IP head Lewis and launches $100mn MGA

Two years after unveiling a $100mn intellectual property facility led by London-based TMK, Aon said today it has launched an MGA, with the Lloyd’s carrier’s former underwriter Ian Lewis leading the facility.