Reinsurance

PM roundtable: Bullish outlook for programs sector even in market cycle shift

While broadly attractive pricing conditions remain a tailwind in the programs sector, there is also optimism that the greater maturity and sophistication of the MGA and MGU model and sustained demand for its products will support profitable growth even in a market cycle shift.

Swiss Re CorSo’s international programs unit expects to end 2024 “well above” $1bn GWP

Swiss Re Corporate Solutions will reach $1bn of international programs gross premium ahead of schedule this year, and is confident it can continue to grow the book, according to William Porter, the company’s head international programs, Americas.

Defense Re gets Patria Re capacity to begin underwriting in MENA

Defense Re has secured capacity support from Mexican reinsurer Patria Re to begin underwriting a book of specialty lines business in the Middle East and North Africa.

Soria to join Ledgebrook from BMS Re as head of strategy

BMS Re’s head of new business solutions and co-head of casualty broking Erik Soria is set to join expansive MGA client Ledgebrook as head of strategy, The Insurer can reveal.

Returning appetite makes for property MGA opportunity in transitioning market

After several years of scrambling for capacity in a long hard market, easing property insurance and reinsurance conditions are creating opportunities for MGAs to seek growth on existing programs, launch new offerings and expand carrier panels.

Topsail Re invests in Bishop Street and provides preferred capacity in JV

RedBird Capital Partners-backed start-up Bishop Street Underwriters has secured an investment from Topsail Re as part of a joint venture between the companies that will see the reinsurer provide preferred capacity.

Life Flex Re unveils tech-driven life and PA fac offerings for LatAm

Life and personal accident-focused MGA Life Flex Re has formally launched with the start-up backed by capacity provided by BMI Internacional, Program Manager can reveal.

Everspan aims for $400mn ’24 premium as it eyes opportunities in “conservative” market

Conservatism among MGAs over the use of collateralised markets and demand from reinsurers for alignment of interest are creating opportunities for participatory fronting carrier Everspan as it looks to diversify its portfolio and grow past $400mn in premiums in 2024, according to president Steve Dresner.

Roosevelt Road Re and Tradesman file RICO suit over alleged fraudulent WC claims

Roosevelt Road Re and its affiliate Tradesman Program Managers have filed a Racketeer Influenced and Corrupt Organizations Act (RICO) lawsuit to recover funds from 46 individuals and companies following an investigation into largely New York-based construction accidents they claim were staged and resulted in unnecessary medical treatments.

Start-up Gryphon Holdings linked with Corinthian portfolio

Start-up Gryphon Holdings has been linked with a transaction to take on the run-off of some of the portfolio of business written by Corinthian as well as renewal rights to provide capacity to a number of the programs supported by the collateralised reinsurer, Program Manager understands.

Topsail Re lands Miller as chief strategy officer

Topsail Re has hired Chris Miller as executive vice president and chief strategy officer as well as president of its Topsail Capital Partners business.

Gallagher Re names Ward head of production for NA programs

Gallagher Re has promoted Justin Ward to head of production for North America programs business with immediate effect.

Boost adds over $130mm of reinsurance capacity to accelerate MGA platform growth

Insurance infrastructure company Boost Insurance has secured over $130mn in new reinsurance capacity to sit behind its MGA, insurtech, and embedded insurance programs, expanding its panel to more than a dozen reinsurers, The Insurer can reveal.

Cyber SPA 1925 targets $70mn GWP in debut year but ambitions much greater

MGA and modelling firm Envelop Risk’s special purpose arrangement, Envelop SPA 1925, is on schedule to write $70mn cyber (re)insurance GWP in 2024 after a strong January launch.

Accelerant’s Bermuda unit ratings withdrawn after decision not to commence operations

AM Best has withdrawn the ratings of Accelerant Re Bermuda, after the parent company made the strategic decision to establish a licensed affiliate in Cayman to act as an internal reinsurer instead.

Coalition in M&A talks with Envelop Risk for cyber reinsurance entry

Amid predictions that 2024 may see a flurry of transactions among cyber MGAs, Allianz-backed Coalition has entered talks with leading reinsurance MGA and modelling firm Envelop Risk, The Insurer can reveal.

Tamesis continues search for new front after CV Starr talks break down

Tamesis, the Dual-owned reinsurance/retro MGA, is still in talks with potential new fronting providers after talks broke down with CV Starr last month, according to sources.

Augment Risk confirms Andrew Matson as CEO

Augment Risk has officially unveiled Andrew Matson as its CEO to drive what it describes as a “differentiated whole-of-business broking approach”.

Northern Re raises $50mn to support growth in programs and regional/mutual space

Balance sheet reinsurer Northern Re has increased its committed capital to $75mn after securing an additional $50mn from existing investors as it looks to capitalise on growth opportunities in the programs segment as well as the dislocated regional and mutual space.

TMPAA panel: Collateralised re and ILS in MGA sector “here to stay”

The rapid response by existing and new collateralised providers to replace Vesttoo and Corinthian Re capacity, as well as the continued acceptance of ILS capacity by MGAs, demonstrates that non-traditional reinsurance is “here to stay” in the program space, according to executives speaking at Target Markets.