Program

TUMI builds out capacity with Obsidian carrier partnership

Amwins-owned specialist transportation MGU Trinity Underwriting Managers (TUMI) has partnered with hybrid fronting carrier Obsidian in a move that will augment its reinsurance panel relationships, allowing it to write more business and expand its offerings, The Insurer can reveal.

R&Q program management value creation “becoming more tangible”: Numis

Randall & Quilter (R&Q)’s expanding program management business Accredited will likely see contracted premium reach $1.78bn by the end of 2022, according to Numis Securities.

Risk Strategies buys student health insurance broker/MGU SIS

Risk Strategies has acquired Specialty Insurance Solutions (SIS), a broker, consultant and managing general underwriter (MGU) focused on national student health programs.

Pet insurtech Bought By Many launches in the US with Accredited America

Insurtech Bought By Many is set to roll out its pet insurance coverage in the US this month, in partnership with program manager Accredited America, The Insurer can reveal.

AM Best: Unaffiliated share of MGA premium has grown in recent years

The number of US MGAs has grown in recent years while unaffiliated agents have increased their share of total MGA direct premium written (DPW) by several points, AM Best has noted in an in-depth report on delegated underwriting authority enterprises (DUAEs).

Integral ILS to use Core Specialty paper on Amwins MGA business

Rebooted US insurer Core Specialty will issue policies and retain a portion of the risk for property business written by Amwins’ MGAs on behalf of Integral ILS.

R&Q to increase stake in NY MGA Tradesman to 40%; exit Roosevelt Road Re

Program management and legacy insurance specialist Randall & Quilter Investment Holdings (R&Q) has agreed a deal to increase its investment in New York-based MGA Tradesman Program Managers from 35 percent to 40 percent.

Accredited signs up Southern Star NAFTA program as first E&S deal

R&Q’s Accredited America platform has onboarded the first deal at its recently launched E&S carrier, with a partnership with Southern Star MGA that targets North American Free Trade Agreement (NAFTA) cross border trucking business, The Insurer can reveal.

The PM interview: Stephen Leeret

In this month’s issue we talk to Stephen Leeret, senior vice president of Allied World’s North America programs division, about key dynamics driving the sector and what it was like coming in to run the unit in the middle of Covid-19…

Transverse hires Fitzgerald as CFO from ProSight

Expansive P&C program carrier Transverse Insurance Group has appointed John Fitzgerald as CFO and expanded the role of head of operations Robert Zerafa to COO, The Insurer can reveal.

Clear Blue preparing for potential sale

Fast-growing fronting specialist Clear Blue is understood to have been talking to investment banks including Evercore and Piper Sandler as it prepares for a sale process that could see a valuation as high as $640mn as current owner Pine Brook looks to cash out of the business, The Insurer can reveal.

Accelerant buys US admitted carrier from Brit and launches UW and analysis platform

Expansive program underwriting platform Accelerant Holdings has bought admitted carrier Commonwealth Insurance Company of America (CICA) from Brit to add to its recently formed E&S subsidiary.

R&Q consolidates its US program businesses as Accredited America; ex-Aon exec Rastiello to lead

Following its recent entry into the US E&S market, Randall & Quilter Investment Holdings Ltd (R&Q) has consolidated its two US program operations as Accredited America under the leadership of former Aon executive Pat Rastiello.

KKR to acquire majority stake in insurtech MGA platform ISC

KKR is taking a majority interest in Integrated Specialty Coverages (ISC) with current owner Sightway Capital retaining a minority position in a recapitalisation that will allow the AI and data analytics-driven MGA platform to scale up and expand into new specialty insurance verticals, The Insurer can reveal.

XPT’s Sierra Specialty launches nationwide agri-business program with Watford

XPT Partners-owned Sierra Specialty has launched an exclusive agri-business program that can write nationwide on the paper of Watford US Insurance, The Insurer can reveal.

CRC adds Aspen’s Bonds to lead exclusive property products

US wholesaler CRC Group has hired Alex Bonds from Aspen as chief programs officer for property programs in a role that will see the executive lead the development of the firm’s exclusive Insurisk brand’s property facility, The Insurer can reveal.

Fortegra adds to E&S build-out with Rockwood professional liability program

Fortegra P&C Group is seeing a strong pipeline of deals for its recently launched E&S platform after adding a second program with a new professional liability offering aimed at off-duty police officers in partnership with Rockwood Programs.

Obsidian gains early traction with aggregators

Early 2021 programs added by Obsidian Insurance Group highlight the hybrid fronting start-up’s two-pillared strategy focused on retail and wholesale aggregators as well as more traditional MGAs, as it concluded deals with Hub International’s SafeHerb and Platinum Specialty’s WestPro.

Conway takes MGA program role at Acrisure Re

Acrisure has announced John Conway has joined the team at Acrisure Re, which was formerly known as Beach & Associates, to focus on US-based property casualty program business.

Trisura reveals strong growth in US hybrid program fronting platform

Trisura Group’s hybrid fronting carrier platform was a significant generator of top line growth for its Canadian financial services parent in Q4 2020, contributing gross written premiums of $210.7mn and fee income of $8.4mn.