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Aon & LMA find intragroup reinsurance favoured by managing agents

23rd November 2021

A new study by Aon’s UK Capital Advisory team and the Lloyd’s Market Association (LMA) shows that intragroup reinsurance is favoured as the primary capital optimisation technique among managing agents. A survey of Chief Financial Officers (CFOs) at 28 Lloyd’s managing agents, representing 75% of the market’s capacity for 2021, found ... Read the full article

AgentSync raises $25mn through Series A funding round

10th March 2021

AgentSync has raised $25 million in a Series A funding round, co-led by Elad Gil and David Sacks’ Craft Ventures, with participation from Marc Benioff, Caffeinated Capital, Operator Collective, and Nine Four Ventures. This brings the company’s valuation to $220 million, ten times higher than when the company raised its seed ... Read the full article

Allstate to acquire National General for $4 billion

8th July 2020

U.S. primary insurance giant, The Allstate Corporation, has reached an agreement to acquire National General Holdings Corporation for around $4 billion in cash, or $34.50 per share. The acquisition, which remains subject to regulatory approvals and other customary closing conditions, sees Allstate expand its personal lines market position. National General offers a ... Read the full article

Mike Keating to replace Peter Staddon as Managing Director of MGAA

30th June 2020

The Managing General Agents' Association (MGAA) has announced that Mike Keating is set to join its ranks in September 2020 as its new Managing Director. In his new role, Keating will take on responsibility for the continued growth of the MGAA's membership and also for increasing engagement levels with both insurers ... Read the full article

Global Risk Partners appoints Mike Bruce as Group Managing Director

17th December 2018

Global Risk Partners, an investment vehicle aimed at insurance brokers and managing general agents, has appointed Mike Bruce to the newly-created role of Group Managing Director. Bruce was appointed Chief Executive Officer, Broking in 2015 and has since overseen a a rapid and accelerating growth curve, with the Broking Division completing ... Read the full article

Lloyd’s managing agents enjoy InsurTech advantages, analysts find

21st September 2018

Lloyd’s managing agents hold significant advantages in the technology ‘arms race’ due to their ability to quickly deploy supplier InsurTechs and take distribution platforms global, according to a new study undertaken for the Lloyd’s Market Association (LMA) by management consultancy Oxbow Partners. Analysts noted that Lloyd’s managing agents are generally more ... Read the full article

Specialty insurer JenCap Holdings acquires MGA Genesee General

16th January 2018

Specialty insurer JenCap Holdings LLC (JCH) has announced plans to acquire privately-held managing general agency (MGA) and broker, Genesee General. Financial terms for the transaction, which is expected to close this month, were not disclosed. John Jennings, President and Chief Executive Officer (CEO) of JCH, said; "Genesee President Roger Ware has created a leading ... Read the full article

Technological advancements and talent driving MGA growth: AM Best

26th September 2022

A new report from AM Best highlights that premium growth attributable to managing general agents (MGAs) has increased significantly over the last decade. Fuelled by premium growth, delegated underwriting authority enterprises (DUAE) are gaining a more prominent role with insurers when it comes to addressing more specialized coverage needs. Both experience and ... Read the full article

McDermott Will & Emery add to insurance division at NY Department of Financial Services

21st September 2022

Law firm McDermott Will & Emery's John F. Finston has been appointed to be executive deputy superintendent of the insurance division at the New York State Department of Financial Services. The firm said that Finston will begin in the new role at the beginning of October, exiting private practice to take ... Read the full article

Insurtech startups shift focus to profitability: S&P

17th August 2022

A recent S&P Global Market Technology report suggests insurtech startups have shifted from a "growth at all costs" mentality to one more focused on profitability. Full-stack companies, or those that have licensed carrier subsidiaries, will require profitable underwriting and investing to achieve this goal, though the report says this may prove ... Read the full article

AM Best removes R&Q companies from being under review with negative implications

21st July 2022

AM Best has removed Accredited Surety and Casualty company, Accredited Specialty Insurance Company, and Accredited insurance (Europe) from being under review with negative implications. Concurrently, the company said it had affirmed Financial Strength Ratings for the firms of A- (Excellent) and Long-Term Issuer Credit Ratings of a- (Excellent). It has also ... Read the full article

Vertafore acquires MGA Systems

4th July 2022

Vertafore has announced that it has acquired MGA Systems, a provider of purpose-built software for Managing General Agents (MGAs). The acquisition will give Vertafore customers access to policy administration and rating solutions that will be integrated into Vertafore's suite. The MGA market has seen consistent growth over the several ... Read the full article

US cyber liability market continues growth trend

22nd June 2022

Direct premiums written in the US cyber liability market continued to grow in 2021, seeing a 75% increase, far outpacing that of the overall property/casualty insurance industry.  However, according to an AM Best report, there has been a 16% increase in claims and just a modest reduction in the loss ... Read the full article

Accelerant sets up Brussels office

16th June 2022

Insurtech platform Accelerant has announced the establishment of a new EU headquarters in Brussels, as it continues to target expansion in Europe. Founded in 2018, Accelerant specializes in serving a network of managing general agents (MGAs). Accelerant Insurance Europe S.A. was formed in 2021 with the ability to trade across the UK ... Read the full article

MGAA appoints Tim Richards to new role

13th June 2022

The Managing General Agents’ Association (MGAA) has appointed Tim Richards to the new role of technical services manager. As part of the firm’s wider growth and development strategy, Richards will report directly to CEO Mike Keating and will be responsible for supporting plans to extend its influence in the market by ... Read the full article