News

Risk Strategies and One80 to come under new Accession Risk Management Group umbrella

Risk Strategies and One80 Intermediaries will operate under the newly introduced Accession Risk Management Group parent brand, in an internal reorganisation as the Kelso & Company-backed group looks to continue to scale and expand into additional market segments and specialties.

B&B acquires program manager and dental practitioner specialist Pacific

Brown & Brown has acquired substantially all of the assets of The Pacific Underwriters Corporation, which acts as a program manager on behalf of certain public utility insurance risk pools in Washington state and also offers insurance for dental practitioners in the Pacific Northwest.

Ascot working with Evercore to assess strategic options for Ethos Specialty

Ascot and its owner CPP Investments are working with advisor Evercore to assess strategic options for MGU platform Ethos Specialty that could lead to a full sale, Program Manager can reveal.

Munich Re Specialty Insurance eyes continued programs growth

Munich Re Specialty Insurance’s programs business team is targeting further growth in 2024 as it looks to build out its existing $1bn+ North American portfolio, with the company considering expansion into market segments where pricing, terms and conditions meet its underwriting criteria.

Accelerant enters Canada after protracted Omega deal closes

Altamont Capital Partners-backed Accelerant has expanded into the Canadian market through the closing of the acquisition of Omega Insurance Holdings from Till Capital, a deal that was first announced in 2021.

RPS’s Atlas launches new WC program with Sompo Intl

Program administrator Atlas General Insurance Services, a division of Risk Placement Services, has added a new workers’ compensation insurance program with Sompo International.

Accelerant hires HDVI CFO O’Connor as EVP

Accelerant has appointed Ian O’Connor as executive vice president, with the new hire joining after two years as CFO of High Definition Vehicle Insurance.

Record storm losses sharpen focus on resilience

Record-breaking severe convective storm losses this year have reinforced the importance of ensuring more buildings are resilient to the increased threat, according to Munich Re’s Mark Bove.

Accredited buyer driving hard bargain on retained liabilities and net price

Advanced sale talks between R&Q and the potential buyer of its fronting business Accredited have been complicated by issues relating to the latter’s retained program liabilities, together with adjustments which could reduce the net sale value below $400mn, Program Manager understands.

Bowhead Specialty seeking additional capital to support growth beyond $500mn

Bowhead Specialty is exploring options to add capital to its insurance company subsidiary to support a strong growth trajectory expected to take gross written premium close to $500mn this year, as it also engages with American Family to extend its capacity relationship beyond the end of 2026, Program Manager can reveal.

Renewables MGA Albus adds Scor to PD and time element capacity panel

Renewable energy MGA Albus has added Scor to the capacity panel supporting its “rest of the world” physical damage and time element program, Program Manager can reveal.

RB Jones bolsters marine team with Validus Specialty’s Trapani

Expansive HW Kaufman Group-owned MGU platform RB Jones has bolstered its marine and energy team with the hire of Toni Trapani from Validus Specialty, Program Manager can reveal.

Novatae adds Whaling and former JaVA team

Novatae Risk Group has hired Keli Whaling and several members of her former JaVA Underwriting team, with the Beazley-led panel of Lloyd’s capacity providers that previously supported their operation also moving over with the business, Program Manager can reveal.

Tax MGA Certa bidders narrow in Macquarie-led sale process

London warranty and indemnity insurance specialist MGA Certa Insurance has hired Macquarie to help it explore a sale, in the latest litmus test of MGA/intermediary valuations in the higher interest rate environment, The Insurer can reveal.

Onda launches in London to provide cyber insurance to UK SMEs

Onda, a new Lloyd’s-backed cyber insurance MGA, has launched in London, led by former Tokio Marine Kiln senior cyber underwriter Alex Jomaa as chief underwriting officer.

RPS: Downward pricing pressure in transportation the greatest since Covid

The downward pressure on rates in the transportation segment is the biggest since the outset of the Covid pandemic with new players keeping capacity at near record highs and no slowdown in sight for the boom in programs in the sector, according to a new Risk Placement Services (RPS) report.

USQRisk launches cyber program Pera with Chaucer capacity

USQRisk’s MGA incubator and accelerator unit Desq has launched its first offering, a cyber and blended cyber and technology E&O-focused program targeted at large US-domiciled corporates.

Castlelake and Pine Walk launch aviation-focused Itasca MGA

Global investment manager Castlelake and Fidelis MGU’s Pine Walk platform have launched aviation-focused managing general agent Itasca MGA.

Risksmith working with IAP to explore strategic options

Expansive MGU platform Risksmith Insurance Services is working with Tony Ursano’s Insurance Advisory Partners to assess strategic options that could include bringing in new outside investment to support the firm’s next phase of growth, The Insurer can reveal.

Ex-Zurich NA programs head Olson joins K2 as CUO

Former Zurich North America programs head Denise Olson has returned to the industry, joining Bob Kimmel-led K2 Insurance Services as chief underwriting officer.