Start-up

Accelerant confirms launch of US platform and new hires

MGA-focused Altamont Capital Partners-backed start-up Accelerant Holdings has unveiled new hires including Hugh Burgess and Rich Koehler and confirmed the launch of a US carrier with an A- AM Best rating in a move first revealed by The Insurer.

Obsidian names Scor’s Aldorisio CUO

Hybrid program fronting start-up Obsidian Insurance Holdings has hired Andrew Aldorisio as CUO from Scor.

Orchid and Homesite reciprocal exchange TRUE gets A- rating

The joint venture reciprocal exchange insurer being launched by US property cat-focused MGA Orchid and American Family subsidiary Homesite has secured an A- rating from AM Best after being licensed by the Florida Office of Insurance Regulation (FLOIR) last month.

Obsidian gets A- rating for new E&S platform

Hybrid program fronting start-up Obsidian has secured an A- financial strength rating for its new E&S carrier as it targets a fast-hardening segment of the market that is seeing a significant increase in MGA activity.

Bavishi joins alternative risk transfer MGA USQRisk as CUO

Alternative risk transfer MGA USQRisk is expanding its executive team with the hire of Parag Bavishi from Allianz as CUO, The Insurer can reveal.

Applied Underwriters launches E&S casualty MGA led by Day

Applied Underwriters has established a new E&S casualty MGA led by former Tokio Marine HCC executive Chris Day, with initial offerings targeting the New York construction market, The Insurer can reveal.

Constellation adds MGA Trinity to transportation portfolio

Constellation Affiliated Partners – the RedBird Capital Partners-backed consolidator platform led by Bill Goldstein – has bought Trinity Transportation Services and Global Claims Service (GCS) as it continues to build out its platform, The Insurer can reveal.

ReAlign launches surplus lines insurer

ReAlign Insurance Holdings has announced the formation of Summit Specialty Insurance Company, a new surplus lines insurance carrier that will be headed by former Ironshore and AIG specialty casualty executive Timothy McAuliffe.

Sutton National to retain up to 20% on programs

Sutton National will seek to differentiate itself in the fronting space with its ability to take up to 20 percent of the risk on certain programs as the start-up addresses an attractive pipeline of deals after securing an A- rating from AM Best earlier today, The Insurer can reveal.

Fortegra E&S platform broadens program capability in hardening market

The new E&S subsidiary from Fortegra Financial Corporation was launched in response to demand from agents for a broader programs capability as well as fast hardening rates, according to the US specialty insurer’s CEO Rick Kahlbaugh.

Former ART exec Moreno launches alternative risk MGA USQRisk

Anibal Moreno has founded a new alternative risk transfer and programs MGA together with a high-profile management team that includes several of his former colleagues from Allianz, The ReInsurer can reveal.

Obsidian looks to aggregator opportunity and traditional program business

Genstar-backed hybrid fronting start-up Obsidian is targeting opportunities with retail and wholesale risk aggregators as well as more “traditional” MGA program business as it looks to build out its platform with a dual strategic focus.

Rappaport set to leave The Hanover for program start-up

Long-serving The Hanover executive Craig Rappaport is leaving the US insurer and is expected to re-emerge at Bill Jewett’s Genstar-backed hybrid program fronting start-up Obsidian, The Insurer can reveal.

Start-up Obsidian buys admitted platform from The Doctors Company

Bill Jewett’s hybrid program fronting start-up has secured an admitted platform with the acquisition of a shell company from The Doctors Company ahead of an expected launch next month, The Insurer can reveal.

Balance Partners to add further programs and underwriters in 2020

Start-up US specialty lines MGA platform Balance Partners added four new programs in its first year of operations and is targeting a further three launches in 2020 as it adds underwriters and specialty offerings, The Insurer can reveal.

Haverstick joins program start-up Sutton National as CEO

Shane Haverstick has re-emerged in the market as CEO of proposed program carrier start-up Sutton National Insurance Company (SNIC), The Insurer can reveal.

Transverse gets A- financial strength rating

Program start-up Transverse Insurance Company has secured an A- financial strength rating from AM Best as it gets ready to write its first deals.

Eichhorn launches MGA and wholesaler Denali Specialty

Former Keating and Breckenridge executive Michael Eichhorn has launched a new MGA and wholesale brokerage platform called Denali Specialty Group, The Insurer can reveal.

Nationwide E&S backs new Euclid life sciences MGA for September start

Euclid Insurance Services (EIS) has secured capacity from US insurance giant Nationwide E&S for a new MGA specializing in product and professional liability for the life science industry led by former CNA executive Ryann Elliott, The Insurer can reveal.

Topsail Re pushes past $100mn in written premium

Cayman Islands start-up reinsurer Topsail Re is on track to write in excess of $100mn of premium in 2019 through business onboarded in its first six months of operating as it looks to take advantage of improving pricing and terms to build out its portfolio of business, The Insurer can reveal.