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MGAA welcomes three new board members following 2023 record growth
11th March 2024
The Managing General Agents’ Association (MGAA) has announced the appointment of three new board members, while also revealing it had seen significant growth in its membership over the last year, welcoming its 400th member. The new board members were confirmed at the association’s Annual General Meeting at Lloyd’s. These include Ian ... Read the full article
Cover Whale names Bill Fahrner as CUO
23rd February 2024
Cover Whale Insurance Solutions, Inc., an insurtech specializing in connected insurance for the commercial auto industry, has appointed Bill Fahrner as Chief Underwriting Officer (CUO), where he will lead the digitally-driven underwriting process. The firm states that this appointment "reinforces its dedication to delivering unparalleled user experiences at an industry-leading pace." This ... Read the full article
Boost Insurance secures $130m in reinsurance capacity for expansion
8th February 2024
Boost Insurance, an insurance infrastructure platform, has announced a significant milestone with the securing of over $130 million in new reinsurance capacity. This capital injection will fortify Boost's position in supporting Managing General Agents (MGAs), insurtech firms, and embedded insurance programs. The expansion includes renewing treaties with existing reinsurers and welcoming new ... Read the full article
Xceedance launches MGA Agility Suite led by industry veteran Parcelli
8th February 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has launched its MGA Agility Suite aimed to enhance digital capabilities for program administrators in the Americas. Industry veteran Michael Parcelli is to lead the initiative as Senior Vice President and Head of the managing general ... Read the full article
There must be a significant focus on generative AI testing: Xceedance
1st February 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has said that there must be a "significant focus" on generative AI (Gen AI) testing, due to many insurers receiving great results from machine learning, automating tasks in claims and underwriting. However, the company warns, that ... Read the full article
Katy Murray becomes VP of client success for INSTANDA
25th January 2024
INSTANDA, a no-code, digital platform for insurance carriers and managing general agents, has announced the promotion of Katy Murray to vice president of client success, where she will oversee all client relationships in North America. In her new role, Murray will provide guidance and mentorship to all client success managers in ... 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
Lizzie Smith-Foreman joins MGAA board
3rd November 2023
The Managing General Agents’ Association (MGAA) has elected Lizzie Smith-Foreman, Director of Group Marketing, Communications and Sustainability for Markerstudy Group, to join its board. The MGAA is a UK-based not for profit organisation dedicated to representing true MGAs. Smith-Foreman has over two decades of marketing experience within the insurance industry. She brings ... Read the full article
Boost Insurance launches risk transfer platform Boost Re
25th October 2023
Boost Insurance has unveiled Boost Re, a risk transfer platform, further enhancing its comprehensive insurance-as-a-service stack. This development promises substantial advantages for both Boost's clientele and reinsurance partners. For Managing General Agents (MGAs), insurtech firms, and embedded insurance providers, Boost Re introduces a turnkey captive-as-a-service solution, presenting a highly cost-effective avenue for ... Read the full article
Accelerant expands to Canada with Omega Insurance acquisition
18th October 2023
Insurtech Accelerant has announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd. Omega, based in Toronto, offers property and casualty insurance coverage. It also offers short-tail property insurance and reinsurance, caters to small-sized to medium-sized insureds, and reinsures smaller insurance companies. IRead the full article
Accelerant expands presence to Canada through acquisition of Omega Insurance
16th October 2023
Insurtech firm Accelerant is set to expand its presence into the Canadian market through the acquisition of Omega Insurance Holdings, Inc., from Till Capital Ltd. Omega Insurance Holdings offers secure, innovative and customized solutions for re/insurers entering and exiting the Canadian insurance market. Jeff Radke, CEO and co-founder of Accelerant, commented: “Accelerant’s entry ... Read the full article
Insurance innovation hub Howden Ventures launches with £500m underwriting capacity
16th October 2023
Global insurance group Howden has unveiled an innovative venture known as Howden Ventures, pending approval from Lloyd's, aimed at accelerating insurance product development. Described by the broker as a world-first insurance innovation hub, the initiative launches with £500 million in delegated underwriting capacity and seeks to become an investment and risk ... Read the full article