Reinsurance News
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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
Guy Carpenter sets up insurtech Center of Excellence
20th October 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the launch of an insurtech Center of Excellence (COE) that will provide services to carriers and Managing General Agents (MGAs) powered through modern technology platforms. The insurtech COE will offer a range of reinsurance broking, advisory and analytical services, and ... Read the full article
Verisk invests in London insurtech HUG HUB
12th October 2021
Global data analytics provider Verisk has made a strategic investment in London based Insurtech HUG HUB in a deal designed to enable the latter to expand and enhance its platform. HUG HUB’s digital platform aims to transform the way insurers, managing general agents and brokers engage with their customers. With Verisk’s support, ... Read the full article
TigerRisk adds Jim Kilduff to lead MGA efforts
11th October 2021
Re/insurance risk, capital and strategic advisor TigerRisk Partners has added Jim Kilduff to lead the firm’s Managing General Agents business. Kilduff joins from Harbor Hill Solutions where he served as Chief Executive Officer. He brings 20 years’ experience to the role and has shown the capacity to enable MGAs find and secure ... Read the full article
Palomar Holdings enters fronting sector of U.S. insurance market
9th September 2021
Palomar Holdings has entered the fronting sector of the United States insurance market, through its business PLMR-FRONT. PLMR-FRONT will partner with reinsurers, insurance carriers and managing general agents to enable the design and operation of customised insurance programs. The company will front paper on both an admitted and non-admitted basis through Palomar ... Read the full article
AM Best assigns positive credit ratings to Spinnaker
12th July 2021
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Spinnaker Specialty Insurance Company (Spinnaker Specialty) (headquartered in Bedminster, NJ). The outlook assigned to these Credit Ratings (ratings) is stable. AM Best says the ratings reflect Spinnaker Specialty’s balance sheet strength, ... Read the full article
Spinnaker hires Torben Ostergaard as CEO
14th May 2021
Spinnaker Insurance Company, a fronting carrier wholly owned by insurtech group Hippo Enterprises, has appointed Torben Ostergaard as its new president and chief executive officer. Ostergaard joins Spinnaker after more than a decade in c-suite roles at insurance and financial services firm USAA. He succeeds Dave Ingrey, who will transition to chief ... Read the full article
AM RE’s Ernie Zayicek sees opportunities in post-covid US program market
14th May 2021
With a crop of strong Managing General Agents having weathered a program market further dislocated by COVID-19, AM RE Syndicate’s Ernie Zayicek sees an opportunity to help both high performing MGAs and reinsurance partners in facilitating their ambitions for growth in the US. Zayicek, who serves as Chief Operating Officer and ... Read the full article
Burns & Wilcox adds two to Canadian teams
9th April 2021
Wholesale specialty insurance company and managing general agent Burns & Wilcox has appointed two associates to its Vancouver and Calgary teams. Cheryl Fortier joins as Western Canada Manager and Murray Houck joins as Senior Underwriter. Fortier will be based in Vancouver and focus on expanding the company’s capacity and product offerings throughout ... Read the full article
AM Best notes rising prominence of DUAE model
8th April 2021
In a new report, rating agency AM Best has noted the “rising prominence” of the delegated underwriting authority enterprise (DUAE) model in the insurance industry distribution ecosystem. Analysts said that the success of this model was evident in the growing number of managing general agents (MGAs) and the amount of MGA-generated ... Read the full article