Program

K2’s Vikco launches real estate program with AF Specialty paper

K2’s property-focused subsidiary Vikco has teamed up with exclusive distribution partners Ryan Specialty and National Real Estate Insurance Group (NREIG) to launch a new private real estate investors (REI) program on the AM Best A rated paper of AF Specialty, Program Manager can reveal.

Liberty Company’s Aura MGA launches cannabis program

Aura Risk Management, an MGA launched last year by The Liberty Company Network of Insurance Brokers, has created the Indisure insurance program exclusively for cannabis companies in all 38 legalised US states.

Vault and PRF partner on liability program

Managing general agent Professional Risk Facilities (PRF) and Vault Commercial have partnered on a program for D&O, employment practices liability (EPLI), fiduciary liability and errors & omissions (E&O) risks.

Gallagher Re targets MGA space with new global programs practice

Gallagher Re is combining its existing capabilities into a dedicated global programs practice with plans to invest further in talent and technology to provide a one-stop shop for the MGA space, with an initial focus on the fast-growing North American market, The Insurer can reveal.

$6bn SabRE launch highlights in vogue global MGA/program reinsurance market

David Howden, the co-founder and boss of expansive UK broker Howden Group, attends the Rendez-Vous today for the first time in his 40+ year industry career following the $1.6bn acquisition of TigerRisk.

RPS launches new social services program on Old Republic paper

RPS Signature Programs has unveiled a new social services insurance program that will be written on the AM Best A+ rated paper of Old Republic Specialty Insurance Underwriters (ORSIU).

InsureScan to underwrite Alabama NSA business on Buckle paper

Gig-economy focused insurtech Buckle has agreed a capacity deal with managing general agent InsureScan to write a book of Alabama-based non-standard auto (NSA) insurance business.

Ledbetters return with Kestrel Group platform offering A- capacity to programs

State National founder and former CEO Terry Ledbetter has returned with a senior management team led by his son Luke Ledbetter to launch Kestrel Group, a platform that will bring AM Best A- admitted and E&S capacity supported by capital partners including AmTrust to the programs space.

Distinguished Programs coastal builder’s risk program enters five new states

Distinguished Programs’ coastal builder’s risk program has been expanded to Alabama, Hawaii, Mississippi and Rhode Island, with commercial properties in Texas also able to secure coverage.

SPG’s SafeHerb launches Obsidian-underwritten executive protection program

SafeHerb, a Specialty Program Group division focused on the cannabis and hemp industries, has introduced a new executive protection insurance program that expands the coverage it provides on the paper of Obsidian Specialty Insurance Company.

Ryan Specialty says new MGUs AXSAL and Emerald gaining traction

Ryan Specialty reported second quarter earnings that included “strong” performance in its underwriting management arm as group president Tim Turner also reported that recently launched MGUs AXSAL Re and Emerald are gaining traction and actively quoting and binding business.

AM Best ends review and affirms A- ratings on R&Q after $130mn equity raise

R&Q Insurance Holdings has had the A- ratings of its Accredited carrier subsidiaries affirmed by AM Best and removed from under review with negative implications following the successful £107.3mn ($129.5mn) capital raise by the fast-growing legacy specialist and program manager.

One80 continues push to become the leading affinity player with NIA acquisition

One80 Intermediaries has bought National Insurance Agency of Simpsonville (NIA) as it looks to create a “significant foothold” in the US affinity space, the expansive specialty wholesale and program manager’s president Matt Power has told this publication.

Conning: US MGA market growth rate to slow after DPW surged 15.5% in ‘21

Direct premiums written (DPW) by MGAs reported in US insurer statutory filings grew 15.5 percent last year to $56bn, with the total size of the market estimated to be $70bn, including $7.1bn of premium sourced by US MGAs for Lloyd’s, according to asset manager and research firm Conning.

K2 and Homesite partner on parametric nat cat coverage

K2 Parametric Insurance Services has agreed a capacity relationship with Homesite Underwriting Managers to offer commercial parametric natural catastrophe policies for US earthquake and hurricane risks with limits up to $10mn per policy.

Strata looks to reboot hab product as binder with new carrier

Strata Underwriting Managers is in talks with an unnamed carrier to relaunch a slimmed down version of its habitational offering as it transitions from the fronted program that was pulled back in March after it was unable to secure sufficient property cat reinsurance capacity, Program Manager can reveal.

PM panel: Sophisticated program sector undergoing “dynamic” structural change

Speakers on a panel at the Program Manager Conference 2022 highlighted the rapid changes the program sector is undergoing, with its sophisticated technology adoption, the rise of hybrid fronting companies, and a greater interest from traditional reinsurers all suggesting its growth will continue.

New Distinguished management team targets program launches, talent and M&A

The management trio brought in as part of Aquiline’s acquisition of Distinguished Programs were drawn to the firm as a platform to build from because of its technology focus, carrier relationships and national distribution footprint in an MGA sector that has what they view as a “winning business model”.

Fortegra eyes steady program submission flow and forecasts further growth

The incoming $200mn investment from Warburg Pincus will fuel further expansion at Fortegra as it addresses a steady stream of program submissions amid continued market hardening and retrenchment from the binding authority space by Lloyd’s, according to the US specialty carrier’s CEO Rick Kahlbaugh.

Euclid adds Hudson and Westfield to North American M&A program

Euclid Transactional has added Hudson Insurance Group and Westfield Insurance to its North American program while current partner Zurich North America has increased its committed capacity, with the MGA now having maximum per-deal underwriting limit of liability of $90mn.