Reinsurance News
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GeoVera combines insurance carriers with SafePort, sells MGA to SageSure
9th April 2024
GeoVera Insurance Holdings, Ltd. has announced its plans to sell its managing general agent business, GeoVera Advantage Insurance Services, Inc., to SageSure; once the deal closes, a new entity named GeoVera Nova Holdings, Inc. (GeoVera Nova) will emerge, assuming control of four insurance operating units. Following the completion of the transaction, ... Read the full article
Coterie secures $27m in new capital investment from Hiscox and others
20th March 2024
Coterie Insurance, an insurtech managing general agent (MGA), has recently secured $27 million in new capital investment from Hiscox, alongside various existing investors. Expressing gratitude for this investment, David McFarland, CEO of Coterie, states, "We're incredibly grateful for the recognition and belief in how we're reimagining the small commercial insurance space ... Read the full article
Fire safety reinsurance facility established by McGill and Partners finalised
13th March 2024
A new initiative has been set up which aims to help improve the availability of insurance for higher-risk buildings awaiting work to fix fire safety issues. The Fire Safety Reinsurance Facility will help to increase insurance market competition to cover properties affected by combustible cladding and other fire safety issues. From what ... Read the full article
Lloyd’s changes its way of operating in two countries
4th March 2024
Lloyd’s Insurance Company S.A. (Lloyd’s Europe) has announced its will provide non-life insurance business services on a Freedom to provide Services basis only in Lithuania and Malta from February 29, 2024. According to the announcement, the National Bank of Belgium (NBB), as Lloyd’s Europe’s home supervisor, has confirmed it has no ... Read the full article
Venture Programs selects Vortex as parametric partner for private golf clubs
23rd February 2024
Venture Insurance Programs has chosen Vortex Weather Insurance, an insurtech specialising in weather risk management for outdoor venue hosts and golf clubs, to be their sole provider of parametric weather insurance policies. This agreement represents Vortex's first partnership as a managing general agency, with clubs now having access to its parametric ... Read the full article
Arch among backers of insurtech MGA Rainbow
18th January 2024
Rainbow, the digitally-enabled managing general underwriter, has raised $12 million in seed funding with participation from Arch Capital Group Ltd., Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, and Habitat Partners. The company’s flagship program, an admitted business owner’s policy (BOP) product specifically tailored to the restaurant industry, is currently live ... Read the full article
Amwins appoints Jason Kunert as Head of Claims
17th January 2024
Amwins, the Charlotte-domiciled global distributor of specialty insurance products and services, has appointed Jason Kunert to the newly created position of Head of Claims. Mark Bernacki, Chief Underwriting Officer, Amwins, commented on the appointment, "As a wholesale insurance distributor, our commitment to our carrier partners and retail agents is uncompromising. "We're excited ... Read the full article
MGA Foxquilt teams with Markel to expand presence in the US
16th January 2024
North American digital managing general agent (MGA), Foxquilt has entered into a strategic and long-term capacity relationship with global specialty insurance provider, Markel, which is set to spearhead embedded insurance innovation for more small business owners, agents/brokers, and enterprise partners across North America. Backed by the specialty insurance provider, this ... Read the full article
Ryan Specialty appoints Thomas Nash as President of CorRisk Solutions
1st December 2023
International specialty insurance firm, Ryan Specialty, has appointed Thomas Nash as President of CorRisk Solutions, effective December 1st, 2023. CorRisk is the wholesale distribution professional liability managing general underwriter, a part of Ryan Specialty Underwriting Managers. Nash joined Ryan Specialty through the acquisition of Socius Insurance Services in July 2023, where he ... Read the full article
Novatae appoints Von Breaux as its new COO
9th November 2023
Wholesale insurance brokerage and managing general agency, Novatae Risk Group, has appointed Von Breaux as the firm's new Chief Operating Officer (COO), where he will be responsible for operational activities related to the company's wholesale, managing general agency and program business. Breaux has more than 35 years of leadership experience in ... Read the full article
Lloyd’s & Moody’s to develop emissions accounting solution through Lloyd’s Lab
14th September 2023
Lloyd’s has announced a collaboration with Moody’s Analytics to develop a solution that will help quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios. According to Lloyd's, the solution will aid managing agents in meeting expected regulatory reporting requirements. Under current frameworks like Streamlined Energy and Carbon Reporting (SECR), ... Read the full article
Specialty MGA UK appoints Dermot Dick as Senior Underwriter for Energy
14th September 2023
Specialty MGA UK, a recently formed managing general agent, has announced the appointment of Dermot Dick as Senior Underwriter for Energy. Dick brings more than 40 years of experience in the sector with expertise in writing risks for the marine, power, energy and renewables sectors. He brings with him a global network ... Read the full article
Lloyd’s closes down Austria, Finland, and Poland branch offices
1st August 2023
Lloyd’s Insurance Company S.A. (Lloyd’s Europe) announced that it will close down European branch offices in Austria, Finland, and Poland, effective from July 31, 2023. Instead, the company said it will only provide services to these locations, but just without a formal office in each location. "...it will no longer provide non-life ... Read the full article
QBE North America and MGA Converge launch cyber insurance program
28th July 2023
QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and ConvergeConnect. Each structure will have a distinct revenue focus and cyber ... Read the full article
Marsh names Charles Williamson as CEO of Victor, Brian Hanuschak becomes Chairman
28th July 2023
Marsh, the world's leading insurance broker and risk advisor, announced the appointment of Charles Williamson as the new Chief Executive Officer (CEO) of Victor, its prominent global managing general underwriting business. Effective August 1, Williamson will succeed Brian Hanuschak, who will take on the role of Chairman of Victor. As CEO, Williamson ... Read the full article