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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
Moody’s RMS Intelligent Risk Platform passes 100 clients landmark
20th January 2023
Catastrophe risk modeller Moody’s RMS has announced that over 100 active clients across insurance and finance markets have adopted applications and services on the Moody’s RMS Intelligent Risk Platform (IRP). According to the firm, the platform has gained significant traction among brokers, insurers, reinsurers, managing general agents (MGAs), and Lloyd’s syndicates ... Read the full article
PartnerRe to expand into direct insurance through MGA relationships in the US
21st December 2022
Global reinsurer PartnerRe is planning an expansion into direct lines of insurance program business through MGA relationships in the United States. PartnerRe has secured an AM Best rating for its Bermuda entity PartnerRe Insurance Solutions Bermuda Ltd. AM Best assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Credit Rating ... Read the full article
WTW names EMEA Head of Commercial Lines transformation
9th December 2022
Re/insurance broker WTW has announced the appointment of Derric Howard to the role of EMEA Head of Commercial Lines Transformation, within its Insurance Consulting and Technology (ICT) business. He will be based in London and work with European insurance firms, brokers and other market players to modernise and digitise the underwriting ... Read the full article
AM Best assigns positive outlook to DUAE market segment
6th December 2022
The global delegated underwriting authority enterprise (DUAE) segment has been assigned a positive outlook by credit rating agency AM Best. Technology, talent and diverse sources of capital continue to drive growth in this channel, the agency added. According to the announcement, the outlook reflects AM Best’s expectation that this distribution channel ... Read the full article
Obsidian introduces PAR tool to be offered to MGAs, reinsurers & brokers
4th November 2022
Obsidian Insurance Group has announced the introduction of a Program Analytical Review (PAR) data analytics tool, that will be offered by Obsidian to its managing general agents (MGAs), reinsurers and reinsurance brokers. The level of detail and analysis that PAR provides will deliver keen insight into pricing, profitability, and loss trends ... 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
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