Program

RPS’ Duffey: PAs must demonstrate improved risk selection and UW in challenging market

In a market where securing capacity in many areas of the P&C sector is difficult, expertise in a line of business is not enough on its own, with program administrators also needing to demonstrate they can use that knowledge to improve risk selection and underwriting, according to RPS Signature Programs president Russell Duffey.

Trean shareholders sign off deal for Altaris to acquire outstanding stock

Trean Insurance Group (TIG)’s stockholders have approved the definitive merger agreement with affiliates of Altaris, which currently owns 47 percent of the hybrid MGA and program insurer’s outstanding stock, with the deal scheduled to complete in the coming weeks.

Collateralized reinsurer Northern Re launches targeting regional carriers and MGAs/MGUS

Start-up collateralized reinsurer Northern Re has secured $25mn of capital from a private investment group to support regional carriers and MGAs/MGUs and provide capacity to a group of historically profitable portfolios already known to its managing partners.

Pathpoint doubles property limits after partnering with Canopius’ Vave

Digital wholesaler Pathpoint has doubled the total insured value limit it can offer across its monoline property and lessors’ risk only verticals to $5mn after agreeing a partnership with Canopius-owned MGA Vave, with the tie-up also providing wind coverage in coastal states.

Canadian cannabis MGA Next Wave rebrands to CannGen

Cannabis industry-focused MGU Next Wave Insurance Canada has rebranded to CannGen Canada Insurance Services, taking on the same name as its fellow Diversified Risk Holdings-owned sister business that operates in the US and within the EU.

Procore’s Dietz takes aim at “antiquated” insurance buying process

Procore Risk Advisors’ Anthony Dietz has slammed the “antiquated” process construction clients are forced to undertake when buying insurance as “totally unacceptable”, while also stating that underwriters need to take a more nuanced approach when it comes to pricing coverage rather than applying widespread increases.

AM Best puts R&Q’s A- rating under review with negative implications

AM Best has placed under review with negative implications the financial strength rating of A- (Excellent) and the issuer credit ratings (ICRs) of R&Q Insurance Holdings and its rated subsidiaries on the news the London-listed firm will report another heavy loss for 2022 and plans to separate its program management/fronting arm from its struggling legacy business.

Wright begins writing admitted flood coverage in Illinois with Zurich capacity

Wright National Flood Insurance Services has begun offering its admitted standalone ResiFlood program in Illinois with coverage limits of up to $1mn underwritten on the AM Best A+ rated paper of Zurich.

R&Q plans to separate Accredited from legacy business

The loss-making R&Q Insurance Holdings is to split its struggling legacy acquisitions arm from its fast-growing fronting business, the London-listed firm confirmed today.

R&Q co-founder and CEO Alan Quilter retires in group restructure

The co-founder of legacy acquisition business R&Q Alan Quilter is to step down from the London-listed firm at year-end as part of a board reshuffle announced today.

NSM acquires UK-based equipment insurance program specialist Acquis

Carlyle-owned MGA platform NSM has agreed a deal to acquire Acquis, which says it is the largest provider of specialist insurance programs for leased equipment in Europe.

Distinguished teams up with Berkley on community associations package offering

Distinguished Programs has entered a new underwriting partnership with WR Berkley’s Berkley Program Specialists to provide package coverage for community associations, starting from 1 June.

Vesttoo’s Cheney: Non-cat ILS total addressable market could grow sixfold by 2027

The non-catastrophe-focused insurance-linked securities (ILS) total addressable market has the potential to grow sixfold in the coming years and hit $90bn by 2027, delegates at the Vesttoo-hosted Redefining ILS conference in New York on Friday were told.

BMS Re co-head of programs Greg Alberti to join Howden Tiger

BMS Re’s co-head of programs and EVP Greg Alberti has resigned from his role and is set to re-emerge in a managing director position within the recently launched SabRe programs division at Howden Tiger, The Insurer can reveal.

Another cautionary tale…

News early this month of Trisura’s painful fourth quarter courtesy of a collateral disagreement related to a reinsurance captive of an MGA program it fronted for came as wholesale brokers were still scrambling to replace capacity related to the James Allen affair.

XS Global building on LatAm base as it eyes international opportunities

XS Global is embarking on an expansion drive with the opening of its first full offices outside Miami and Latin America, as the Rainmaker Group-owned MGA also goes on the hunt for talent to support its growth ambitions in the 10 business lines it now serves.

Procore officially launches insurance offering and unveils AGCS-backed builder’s risk program

Construction platform Procore Technologies has officially launched Procore Risk Advisors, an intermediary and MGU that for its initial offering has secured capacity for an admitted builder’s risk program from Allianz Global Corporate & Specialty, reinsured by Swiss Re.

AM Best affirms Trisura A- rating with negative outlook after C$81.5mn recoverable write-down

AM Best has reacted to the C$81.5mn ($59.5mn) write-down on reinsurance recoverables by Trisura Group relating to a collateral dispute on a cat-exposed program its US fronting platform supported by changing its outlook on the company’s A- financial strength and “a-” credit ratings to negative.

One80 expands healthcare offering with Manchester Specialty acquisition

Specialty wholesaler One80 Intermediaries has acquired Manchester Specialty Programs, a US underwriting and program management firm specialising in all-lines coverage across the healthcare sector.

Gallagher Re acquires Bay Risk from Optio Group

Gallagher Re has acquired Lloyd’s broker and delegated authority specialist Bay Risk Services for an undisclosed sum.