News

Accelerant to retain at least 20% of premium on new US programs platform

Accelerant’s new US carrier platform will retain at least 20 percent of premium on all programs written with MGA partners – or members – as it addresses what it sees as a highly attractive opportunity in the segment, according to group CEO Jeff Radke.

Ambac continues transition towards specialty program market with Xchange deal

Ambac has continued its repositioning under the leadership of Claude LeBlanc with a deal to buy accident and health-focused MGU Xchange, in the first fee-business acquisition in a two-pillar strategy that also involves the build-out of its specialty program carrier platform.

Accelerant confirms launch of US platform and new hires

MGA-focused Altamont Capital Partners-backed start-up Accelerant Holdings has unveiled new hires including Hugh Burgess and Rich Koehler and confirmed the launch of a US carrier with an A- AM Best rating in a move first revealed by The Insurer.

Sutton partners with SynchronoSure for gig economy and truckers cover

SynchronoSure has entered into a partnership with Sutton Specialty Insurance Company to underwrite and administer excess and surplus lines products geared for the gig economy and truckers general liability.

Hot E&S market fuelling growth in US programs sector

Growth in the US programs sector is being accelerated by risks being jettisoned from admitted carriers and the freedom of rate and form afforded to MGAs by launching non-admitted programs, according to a panel of senior industry executives.

Accredited to build out E&S book with ‘focused distribution and expert underwriting’

The new A- AM Best rated E&S platform launched by R&Q’s program management business Accredited has already been shown a pipeline of business in excess of $1bn, according to the unit’s CEO Patrick Rastiello.

Micheals takes up CUO role at Attune

Eric Micheals has left blockchain and AI-driven start-up AllDigital Specialty to become CUO at Attune, The Insurer understands.

PE firm Century Equity Partners buys majority interest in MGA consolidator Doxa

Doxa Insurance Holdings – a consolidator of US MGAs, program administrators and wholesale brokers – has received investment from Boston-based private equity firm Century Equity Partners to support its growth plans.

Due diligence, data and alignment key in program management: PM panel

Alignment of interest through risk retention, strong due diligence and the ability to monitor performance are at the center of the growing use of hybrid fronting carriers by reinsurers looking to access program business.

USQRisk secures seed capital investment from Maiden Holdings

Start-up alternative risk transfer MGA USQRisk has received $3.25mn of seed capital from a unit of Maiden Holdings to accelerate its expansion with the Bermudian’s co-CEOs Lawrence Metz and Patrick Haveron also joining its board, The Insurer can reveal.

Transverse teams up with Cloverleaf for data insights

Program fronting start-up Transverse has teamed up with Cloverleaf Analytics to help it garner better insights from its book of business and also provide cost benefits to its 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.

Truist acquires property MGA Wellington from Aquiline

Truist Insurance Holdings has acquired Texas-based MGA Wellington from Aquiline after this publication revealed last month the private equity house had appointed Evercore to explore a sale of the firm.

Appalachian UW adds Chambers to lead digital partnerships

US wholesale broker and MGA Appalachian Underwriters has named William Chambers as director of digital partnerships.

CRC to buy marine specialist Continental Underwriters

Wholesale and specialty insurance distributor CRC Group has agreed a deal to buy Louisiana-based specialist marine MGU Continental Underwriters, The Insurer can reveal.

R&Q raises $107.75mn of debt to support program and legacy growth

Randall & Quilter (R&Q) has signed an agreement to issue $107.75mn of 13-year unsecured subordinated Tier 2 notes which will be used to support the ongoing growth of its program management and legacy-focused insurance operations, taking the amount of new capital it has raised this year to north of $200mn.

Program specialist Incline adds former Texas insurance commissioner to board

Program insurance market services firm Incline Insurance Group has added former Texas insurance commissioner Kent Sullivan to its board of directors.

Accredited E&S platform secures A- AM Best rating

Randall & Quilter Investment Holdings’ (R&Q) newly established E&S program management business Accredited Specialty Insurance Company (ASI) has been given an A- financial strength and a- long-term issuer credit rating by AM Best.

Constellation agrees deal to buy MGU Coastal Insurance Underwriters

Expansive PE-backed consolidator platform Constellation Affiliated Partners has agreed a deal to buy Florida-based MGU and program administrator Coastal Insurance Underwriters (CIU), The Insurer can reveal.

Guy Carpenter names Shephard head of GC Access International

Guy Carpenter has named former Aon executive Miles Shephard as managing director and head of GC Access, International, effective October 2021.