Reinsurance News

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Lemonade partners with General Catalyst to create Synthetic Agents for financial growth

30th June 2023

Lemonade, a digital insurance firm powered by AI and social impact, has partnered with General Catalyst (GC), a leading venture firm and an early investor in Lemonade, to create Synthetic Agents, a financial structure that unlocks growth without depleting cash. Under the program, which will commence on July 1, 2023, General ... Read the full article

CLARA Analytics launches AI platform for general liability claims

4th May 2023

CLARA Analytics, a provider for artificial intelligence (AI) technology for casualty insurance claims optimization, has launched its AI platform for general liability claims. The firm’s casualty lines AI platform ingests both structured and unstructured claims data, by using natural language processing to extract detailed information from claims reports, medical records, and ... Read the full article

AM Trust acquires Contractor Managing General Insurance Agency

9th November 2022

AM Trust Financial Services, a global property & casualty insurer, has acquired Contractor Managing General Insurance Agency, Inc. (CMGIA). CMGIA is a California-based MGA that offers surety bonds to small to mid-sized contractors. The company heavily concentrates on the needs of construction professionals nationwide. The firm is led by Stephanie Shear, a ... Read the full article

LMA publishes Consumer Duty guidance for Managing Agents

19th October 2022

The Lloyd’s Market Association (LMA) has published a general guidance document for the implementation of the FCA Consumer Duty, which has been gradually introduced over the past year in a series of policy announcements. The Consumer Duty sets standards of care that firms are required to give retail customers, including that ... Read the full article

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

APAC reinsurers pivot to non-property lines in search of earnings diversification: AM Best

19th September 2023

AM Best’s report on a select group of Asia-Pacific reinsurers, reveals that some players have pivoted towards non-property lines of business as appetite for catastrophe-exposed property risk has diminished on the back elevated catastrophe activity in the region. Various reinsurers in the region cut their participation in both domestic and overseas ... Read the full article

Dubai DIFC continues to attract new re/insurers, on track for 20% annual growth

18th September 2023

The Dubai International Financial Centre (DIFC) has granted several licenses to insurance and reinsurance firms in recent months, with the sector on track for 20% year-on-year growth. In the first half of the year, gross written premiums rose 18% on H1 2022 and 34% on H1 2021 to USD 1.2 billion, ... Read the full article

Origami Risk expands P&C insurance solutions with Dais acquisition

15th September 2023

Origami Risk, a risk, safety, and insurance Software as a Service (SaaS) technology firm, has acquired Dais Technology, a provider of no-code insurance technology. Terms of the transaction were not disclosed. This move will increase Dais’ market reach and client support capabilities and expands Origami’s innovative suite of property and casualty ... Read the full article

Cowbell and Zywave partner to expand cyber insurance access for SMEs

14th September 2023

Cowbell, a prominent provider of cyber insurance tailored for small- and medium-sized enterprises (SMEs), has announced a strategic partnership with Zywave, a leading insurtech solutions provider. This groundbreaking collaboration is facilitated by Herald, a digital infrastructure provider connecting software developers to commercial insurance carriers through a unified API. It leverages Cowbell's cutting-edge ... Read the full article