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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
Randall & Quilter reports 92% increase in GWP
30th May 2022
Randall & Quilter Investment Holdings has said gross written premiums in its Program Management business in Q1 2022 reached $370m. This figure represents a 92% increase from its Q1 2021 result, when gross written premiums of $193m. William Spiegel, executive group chairman of the firm, said: “We continue to be excited by ... Read the full article
Beat Capital selects OneShield to launch new MGAs & fuel US expansion
20th May 2022
Investment firm, Beat Capital Partners (Beat), has chosen OneShield Software's as a service (SaaS) technology platform – OneShield Market Solutions (OMS), to launch and incubate new Managing General Agents (MGAs). With its out-of-the-box features, OMS will help to provide optimized operational efficiencies and fuel Beat’s entry into the US market. In a ... Read the full article
Nat cat strategies diverge amongst largest reinsurers: Fitch
18th March 2022
Analysts at Fitch Ratings have observed differing approaches to managing natural catastrophe risks among the four major European reinsurers, following positive results for the group in 2021. The rating agency notes that all four reinsurers benefitted from the favourable pricing environment in reinsurance so as to increase premium income by 10% ... Read the full article
Australia flood costs creep higher, $2bn+ bill expected
11th March 2022
The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have continued to creep higher, with industry losses now estimated at $1.89 billion. According to ICA data, the number of insurance claims linked to the floods rose ... Read the full article
MGAA makes board appointments
3rd March 2022
Sharon Brown, Managing Director of Harbour Underwriting and William Morris, Director of Underwriting Delegated Authority UK at HDI Global Specialty SE, have been added to the board of the Managing General Agents’ Association (MGAA). Brown has been elected to join the board for a tenure of four years. She has over 30 ... Read the full article
Hardening market causing capacity concerns for MGAs: AM Best
15th February 2022
Analysts at AM Best have warned that hardening underwriting conditions and reduced availability of underwriting capacity are posing challenges for UK Managing General Agents (MGAs). The rating agency sees MGAs with profitable records, niche business, or strong technology integration as being best positioned to navigate these difficult conditions. Accessing financially secure capacity ... Read the full article
Gap between best and worst cyber insurers expected to widen in 2022: CyberCube
17th December 2021
According to Pascal Millaire, Chief Executive Officer of cyber risk analytics specialist, CyberCube, the gap between the best-performing cyber insurers and the worst-performing are expected to widen in 2022. In a series of predictions from CyberCube, Millaire said that the spread between the loss ratios of top quintile carriers and bottom ... Read the full article
Brexit to drive expansion of European specialty MGAs: New Dawn Risk’s Grima
17th December 2021
Uncertainties driven by the UK's vote to leave the European Union (EU) saw numerous intermediaries establish offices in the EU and according to Elizabeth Grima, Senior Executive Manager of New Dawn Risk (Europe), 2022 will see an expansion of European specialty MGAs to the detriment of the London market. As part ... Read the full article
Insurtech Stere raises $2mn seed funding
15th December 2021
Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round. Stere connects “capacity seekers” like MGAs, program administrators and embedded insurance platforms with carriers and reinsurers. Data analytics essentially aid MGAs, brokers, and others ... Read the full article
Palomar’s underwriting loss narrows in Q3 as GWP swells 48%
4th November 2021
Specialty property insurer Palomar Holdings has returned to profit in the third quarter of 2021 with net income of $0.2 million compared with a loss of $15.7 million a year earlier, as the firm's underwriting loss narrowed in the quarter. During the period, Palomar has announced gross written premium (GWP) growth ... Read the full article
Fidelis opens ‘Forum’ trading floor in London
28th October 2021
Fidelis Insurance Holdings Limited has opened the 'Forum', a new trading hub for the company and its MGA, Pine Walk Capital, located at 37-39 Lime Street, London. The new state-of-the-art trading floor is now open, enabling brokers to meet with Fidelis underwriters, actuaries, wordings and claims specialists to explore opportunities across ... Read the full article
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