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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

Markel’s State National set to enter UK market in 2024

28th November 2023

State National Companies, the Markel owned program, is set to enter the UK market beginning January 1, 2024. According to the announcement, State National is partnering with Markel International Insurance Company Limited to create a program services division in the UK to serve managing general agents (MGA). The division will focus on ... Read the full article

AM Best maintains positive outlook on Delegated Underwriting Authority Enterprise segment

27th November 2023

Ratings agency AM Best has confirmed that it is maintaining its market segment outlook for the delegated underwriting authority enterprise (DUAE) segment at positive. The agency has citied the segment's sustained growth and performance on a global basis, as well as its ongoing ability to address underserved and emerging risks, as ... Read the full article

Consilium sees 35% growth in 2023, expects to reach 1.4bn by 2026

27th November 2023

International re/insurance broker Consilium, part of Aventum Group, has reported a 35% increase in revenue for the year ending June 2023 with Gross Written Premiums (GWP) at $600 million. The broker expects to reach $800 million GWP by June 2024, and $1.4 billion by year end 2026. An entrepreneurial independent broker, Consilium ... Read the full article

AM Best turns positive on E&S lines insurance segment

6th November 2023

AM Best has revised its outlook on the excess and surplus (E&S) lines insurance segment to positive from stable, citing increased business due to declining capacity in commercial lines and some personal lines markets. The rating agency also referenced strong underwriting results, which are driving favourable operating profitability and strengthened capital ... Read the full article