Reinsurance News
MGA
MGA’s, or managing general agents, are important participants in the insurance and reinsurance market landscape.
An MGA, or Managing General Agent, is often thought of as a specialist type of insurance intermediary, acting as an agent of an insurer, but having broader authority than a typical agent or broker. MGA’s undertake functions including underwriting, binding coverage, and even claims management, on behalf of an insurer or reinsurance capital provider. They tend to bridge the gap between insurers and specialised markets, often focusing on niche or complex lines of insurance and reinsurance underwriting business.
Read all our MGA focused insurance and reinsurance news below.
CFC acquires Australian MGA Solution Underwriting
17th April 2024
Specialist insurance provider, CFC, has agreed to acquire Australian managing general agent (MGA), Solution Underwriting, in a move that is set to expand the company's footprint in Australia. Headquartered in Melbourne, with offices located in Sydney, Brisbane and Perth, Solution is a specialist insurance underwriter that particularly focuses on financial lines ... Read the full article
OneBefore launches travel insurance product on Aneevo’s broker platform
12th April 2024
Specialist managing general agent (MGA) OneBefore has launched its travel insurance product, ‘Beyond Travel Insurance’ on Aneevo, the travel insurance broker distribution platform formerly known as Just Travel Cover wholesale. Beyond Travel Insurance will benefit UK residents as it offers comprehensive coverage for those travelling domestically and internationally, including cover for ... Read the full article
Acies MGU unveils construction-focused MGA, Phoenix Specialty
11th April 2024
Acies MGU, the technology and data-driven managing general underwriter (MGU), has launched Phoenix Specialty, a new specialist managing general agent (MGA) serving the construction sector. The MGA will be led by managing director Tim James, subject to regulatory approval. Previously, James led the successful development, growth and subsequent sale of Ensurance, a ... Read the full article
Qubit completes Pre-Series A fundraising to bolster growth and research
10th April 2024
Qubit Underwriting, a Managing General Agent (MGA) recently launched in Hong Kong specialising in digital asset insurance, has successfully completed its Pre-Series A fundraising. The raised funds will help to fuel Qubit’s expansion efforts to reach global markets and bolster research and development initiatives, particularly in harnessing artificial intelligence for underwriting. Having ... Read the full article
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
MGA Striior partners with Green Shield to improve underwriting risk selection
4th April 2024
Striior Insurance Solutions, a managing general agent (MGA) specialising in builder’s risk, has partnered with Green Shield, a US-based catastrophe risk mitigation specialist, to improve performance and support strategic growth through “unmatched wildfire analytics”. This collaboration will focus on Striior's builders' risk program and deliver critical, property level insights to improve ... Read the full article
Bishop Street in joint venture with Topsail Re to advance differentiated MGA platform
27th March 2024
Bishop Street, a RedBird Capital Partners portfolio company, has announced a joint venture with Topsail Re, a privately held reinsurer, to support growth of its differentiated Managing General Agents (MGA) platform. Through this partnership, Topsail Re will be co-investing into Bishop Street which will drive strategic value for MGAs and Program ... 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
BLUECYBER secures $1.5m investment and acquires ISMAC
7th March 2024
BLUECYBER, a managing general agent (MGA) specialising in cyber insurance, has secured a significant $1.5 million investment from venture capital firms Invisto and Bossa Invest, alongside support from investors within the insurance market. Eduardo Rocha, CEO of BLUECYBER, expressed enthusiasm about the investment, stating, “This investment reflects the investors' confidence in ... Read the full article
Blue Ocean Reinsurance launches as new Cayman-based MGA
29th February 2024
A new managing general agent (MGA) platform, Blue Ocean Reinsurance Group, has recently been announced, based in the Cayman Islands. This platform aims to support current and incoming reinsurers to the Cayman Market, as well as larger, complex captives. Ruwan Jayasekera, chief operating officer of the newly formed group, states, “Subject to ... Read the full article
Lucid Insurance to utilise Convr workbench to improve underwriting operations
19th February 2024
Convr AI, an artificial intelligence (AI) company serving commercial insurance organisations, has announced that Lucid Insurance Group will utilise its underwriting workbench to gain greater speed, accuracy and efficiency in their operations starting in 2024. To achieve this Lucid Insurance, a managing general agent (MGA) and specialty wholesale producer specialising in ... 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
OneAdvent fills gap in under-served recycling sector with Criterion launch
29th January 2024
OneAdvent, a specialist managing general agent (MGA) and broker services platform, has launched a new MGA, Criterion Ltd, to provide a much needed service to the “critically underserved” recycling sector. Criterion will underwrite niche classes of business including waste management, recycling and mining business across core territories including the UK, Australia, ... Read the full article
Sands Point Risk launches MGA platform, unveiling expertise in TLI
23rd January 2024
Sands Point Risk, a new entrant in the insurance industry, has officially launched its operations as a managing general agent (MGA) with a focus on providing expanded opportunities in financial and property and casualty insurance lines. The company is particularly renowned for its expertise in Transaction Liability Insurance (TLI) and will ... Read the full article
Alta Signa unveils European Marine underwriting unit
19th January 2024
Alta Signa, the European boutique managing general agent (MGA), has launched a new European Marine underwriting business, which is set to focus on core marine lines of business, backed by the firm's panel of insurance partners - Axeria IARD, SiriusPoint and Sompo International. The unit's team bring a deep level of ... Read the full article
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