M&A

R&Q to consider further MGA investments to follow Tradesman stake

Randall & Quilter (R&Q)’s management has said the firm will consider further investments in the MGA space having taken a 35 percent stake in New York-based MGA Tradesman in the third quarter.

Cortezi and Nichols take leadership positions at RSGUM

Nick Cortezi has been named chairman and CEO of Ryan Specialty Group’s RSG Underwriting Managers business, with his former All Risks lieutenant Matt Nichols assuming the role of president.

One80 closes largest deal with Equinox acquisition

One80 Intermediaries has expanded its capabilities to include accident and health (A&H), travel insurance, reinsurance, and premium and claims administration with a deal to buy Equinox Management Group and its affiliates Meridian Management Group and Co-Ordinated Benefit Plans.

Hippo closes Spinnaker acquisition

Homeowners insurtech Hippo has closed its acquisition of program fronting specialist Spinnaker Insurance Company, a deal that was first announced in June.

Hard market timing

Start-ups, M&A and fundraising have been targeting the program sector as well as the wider P&C market. But how long will the window of opportunity stay open?

One80 continues build out with first international acquisition

One80 Intermediaries has made its first move into the international market with the acquisition of Canadian MGA Strategic Underwriting Managers (SUM), with plans by the wholesaler for further foreign expansion into the UK and European markets, The Insurer can reveal.

R&Q sells Bermuda reinsurer Sandell Re to NY MGA Tradesman; takes 35% stake

Less than a year after acquiring Sandell Re, the legacy and program manager R&Q has sold the Bermudian reinsurer to a US MGA in a transaction that will see the platform continue to be used to underwrite live business while guaranteeing future fronting fees for the London-listed group.

Worldwide Facilities buys Florida surplus lines MGA Clearwater

US wholesale insurance broker Worldwide Facilities has expanded its program offering with the acquisition of Clearwater Underwriters, a Florida-based surplus lines MGA.

One80 buys medical stop loss MGU National Underwriting Services

One80 Intermediaries has continued its expansion with the acquisition of medical stop loss managing general underwriter (MGU) National Underwriting Services.

RedBird-backed Constellation buys into Allstar Financial

Bill Goldstein-led consolidator platform Constellation Affiliated Partners has already completed a number of acquisitions including a buy-in to MGA and wholesale broking platform Allstar Financial, The Insurer can reveal.

Trean buys workers comp program manager 7710 Insurance

Benchmark Holding Company, a subsidiary of newly-floated Trean Insurance Group, has announced the acquisition of 7710 Insurance Company, a workers compensation program manager run by former Carvill and CNA Re executive Bill Adamson.

SPG buys environmental wholesale broker Beacon Hill Associates

Hub International’s Specialty Program Group (SPG) has announced its second acquisition of the week with a deal to buy environmental wholesale brokerage firm Beacon Hill Associates (BHA).

SPG buys program administrator Avant

Hub International’s Specialty Program Group (SPG) has acquired transportation program administrator and wholesale broker Avant.

ReAlign creates program carrier platform with National Lloyds and American Summit deal

Recently launched vehicle ReAlign Insurance Holdings has completed a transaction that sees it take over National Lloyds and American Summit from Align Financial Holdings (AFH), the PE-backed program and MGA that acquired the two carriers from Hilltop Holdings earlier this year.

Covid-19 to drive down US broker M&A volume but valuations largely unaffected

The number of US broker mergers and acquisitions is expected to fall by almost two-thirds owing to the impact of Covid-19, and while the pandemic has not done much to suppress valuations at this stage, a second wave could have a major impact, according to participants on a Target Markets-hosted webinar.

Ryan Specialty Group confirms All Risks deal

Ryan Specialty Group and its smaller rival All Risks have confirmed they have agreed to a transaction that will see the wholeale brokerage and managed underwriting firms combine in a move first revealed by The Insurer earlier this month.

Buckle to recapitalise Gateway with HSCM financing following acquisition from Atlas

Atlas Financial Holdings has concluded the sale of the stock, charter and state licenses of indirect subsidiary Gateway Insurance Company to insurtech Buckle, which is recapitalising its new purchase with financing from funds managed by Hudson Structured Capital Management (HSCM).

Hippo-Spinnaker deal brings paper guarantee

Rumours that Hippo and Spinnaker were in talks over a potential transaction had been circulating in the program fronting space for a number of months.

Homeowners insurtech Hippo acquires Spinnaker

Hippo has acquired Spinnaker Insurance Company, the program fronting specialist that the homeowners insurtech has partnered with since 2017.

Applied Underwriters buys trucking MGU Blue Ridge

Expansive US insurance group Applied Underwriters has acquired South Carolina-based trucking MGU Blue Ridge Specialty, The Insurer can reveal.