Reinsurance News
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K2 signs new multi-year deal with Moody’s RMS
29th June 2023
K2 Insurance Services LLC, an independent specialty insurance program manager, has signed a new multi-year deal with global catastrophe risk modeling and solutions firm, Moody's RMS. The new multi-year deal, which covers three of K2's managing general agents (MGAs), K2 CAT, K2 Property D&F, and Vikco Insurance Services LLC, includes the ... Read the full article
Revenues from MGAs, MGUs and cover-holders grew by around 19% in 2022
15th June 2023
In 2022, revenues earned globally by Managing General Agents (MGAs), managing general underwriters (MGUs) and cover-holders grew by around 19%, to $17.3 billion, according to a recent report by Insuramore. This figure is substantially ahead of the growth rate of the world's insurance broking sector which is believed to have advanced ... Read the full article
HDI’s Jade Wilcox appointed to the board of the MGAA
8th June 2023
Jade Wilcox, Director of Delegated Authority for HDI in the UK, has been appointed to the board of the Managing General Agents’ Association (MGAA), a UK-based not for profit organisation dedicated to representing true MGAs. Wilcox has over two decades of multi-class and multi territory experience in the Delegated Authority space. She ... Read the full article
AEGIS London launches OPAL Claims for faster and more efficient claims communication
5th June 2023
AEGIS London’s online quote-and-bind platform OPAL is now offering OPAL Claims for all OPAL product lines, including its Wind Deductible Buy Back product. According to the announcement, OPAL Claims will allow brokers, coverholders and managing general agents (MGAs) to submit first notice of loss notifications directly to third-party administrators directly from ... Read the full article
Verisk acquires Morning Data to bolster solutions for brokers & MGAs
30th May 2023
Verisk a global data analytics and technology provider, has announced that it has acquired Morning Data, a supplier of state-of-the-art software to brokers and managing general agents in London and across the globe. This acquisition enables Verisk to enhance and expand its solutions for straight-through processing and distribution to the growing ... Read the full article
AM Best revises outlooks to positive for Eureka-Re
22nd May 2023
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Eureka-Re. AM Best suggests the outlook revisions to positive reflect its expectation that the overall balance sheet strength of Eureka will continue ... Read the full article
Insurity partners with VIPR on automated program management
12th May 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has partnered with VIPR Solutions to improve program business efficiencies. With a focus on the London market and US domestic P&C market, Insurity and VIPR plan to integrate their platforms in an effort to provide real-time data exchange for ... Read the full article
US premium growth in DUAE market continues: AM Best
28th April 2023
Direct premium flowing through the Delegated Underwriting Authority Enterprises (DUAE) market in the United States continued its significant growth rate in 2022, increasing by 13.8% to $67.6 billion, according to a new report from AM Best. However, data from the rating agency shows these premium sources varying significantly by insurer. Some are ... Read the full article
AM Best turns negative on Selecta (Caribbean)
28th April 2023
AM Best has revised its outlook from stable to negative for Selecta Insurance and Reinsurance Company (Caribbean) Ltd., citing volatility in the company’s historical underwriting results and the ongoing impact of legacy business on performance. At the same time, the rating agency affirmed the company’s Financial Strength Rating of B+ (Good) ... Read the full article
Fortegra to provide capacity to newly formed fronting specialist Adlaur
2nd March 2023
Fortegra, a global specialty insurer and subsidiary of Tiptree Inc., has announced a new collaboration whereby it will provide capacity to newly formed fronting specialist Adlaur LLC. Adlaur is a newly created entity headquartered in New Jersey and led by former Spinnaker Insurance Company executives Adam Tyburski and Laurence Bunin. The partnership ... Read the full article
Clyde & Co announces new MGA team
28th February 2023
Global law firm Clyde & Co has announced the appointment of a new team focused on providing services to the MGA market in the UK and a renewed commitment to the Managing General Agents’ Association (MGAA). Rob Crossingham (Professional Indemnity)will lead the team. Henry Kirkup (Casualty) and Viran Ram (Property and ... Read the full article
Greenlight Capital Re invests in embedded insurance platform, Vertical Insure
9th February 2023
Greenlight Capital Re, Ltd., through its Greenlight Re Innovations, has announced an investment in Vertical Insure, Inc., a Minneapolis-based embedded insurance platform. The firm addresses distribution inefficiencies by embedding insurance in vertical Software as a Service (SaaS) platforms, targeting the SaaS platforms' business clients and the underlying customers of those businesses. The firm ... Read the full article
Moody’s RMS Intelligent Risk Platform passes 100 clients landmark
20th January 2023
Catastrophe risk modeller Moody’s RMS has announced that over 100 active clients across insurance and finance markets have adopted applications and services on the Moody’s RMS Intelligent Risk Platform (IRP). According to the firm, the platform has gained significant traction among brokers, insurers, reinsurers, managing general agents (MGAs), and Lloyd’s syndicates ... Read the full article
PartnerRe to expand into direct insurance through MGA relationships in the US
21st December 2022
Global reinsurer PartnerRe is planning an expansion into direct lines of insurance program business through MGA relationships in the United States. PartnerRe has secured an AM Best rating for its Bermuda entity PartnerRe Insurance Solutions Bermuda Ltd. AM Best assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Credit Rating ... Read the full article
WTW names EMEA Head of Commercial Lines transformation
9th December 2022
Re/insurance broker WTW has announced the appointment of Derric Howard to the role of EMEA Head of Commercial Lines Transformation, within its Insurance Consulting and Technology (ICT) business. He will be based in London and work with European insurance firms, brokers and other market players to modernise and digitise the underwriting ... Read the full article