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.
OneBefore launches as new accident, health & travel MGA
10th November 2023
OneBefore, a progressive underwriter-led MGA has announced its official launch. The company is founded by market specialist Vered Lobel, who brings her extensive experience as a pricing actuary to lead the firm. She previously served as the Head of UK Underwriting, Personal Accident and Travel at AIG UK. Headquartered in London, OneBefore will ... Read the full article
Futuristic Underwriters begins operations as tech-driven MGA
3rd November 2023
New managing general agent (MGA), Futuristic Underwriters, has announced the public launch of its services with a mission to reduce commercial property & casualty risk by leveraging the power of technology. As the commercial insurance landscape faces many challenges, including rising premiums, evolving regulatory requirements, inefficient processes, and increasing claims frequency, ... Read the full article
Markel announces strategic investment in tax MGA Certa
20th October 2023
Markel, the insurance operation within Markel Group Inc., has announced a 49% strategic investment in tax managing general agent (MGA), Certa. This move will accelerate the company’s UK-based tax specialist’s product development and geographical expansion plans, Markel stated. At the same time, it will give the insurer further access to the significant ... Read the full article
Fidelis MGU and Castlelake create new aviation-focused MGA
12th October 2023
Global, aviation-focused alternative investment manager, Castlelake and Pine Walk, a specialist managing general agent (MGA) platform and wholly owned subsidiary of Fidelis MGU, have announced the creation of a new aviation-focused MGA. Itasca MGA will specialise in underwriting, structuring and managing risk associated with secured commercial aviation financing on behalf of ... Read the full article
iprism acquires property MGA SK Underwriting
6th October 2023
Specialist commercial, property and high net worth Managing General Agent (MGA) iprism, has acquired property focused MGA, SK Underwriting Limited for an undisclosed fee. SK Underwriting was formed in 1999 and it is based in Kent. It offers a range of Commercial small and medium-sized enterprises (SMEs) products, principally focused on ... Read the full article
MGA Redline Underwriting achieves Lloyd’s coverholder status
26th September 2023
Managing General Agent, Redline Underwriting, has been approved as a Lloyd’s coverholder as it continues expanding its operations. Redline Underwriting, legally known as Reinsurance Distribution Lines LLC, is based in Miami with presence in Mexico City, which makes it ideally positioned to serve Latin America, the company claims. Its rapid growth has ... Read the full article
MGA Nirvana launches European W&I binder, headed by Thomas Mannsdorfer
21st September 2023
Nirvana, a newly launched Media, Tech and Cyber MGA, has launched its new European SME Warranty & Indemnity (W&I) binder, led by mergers & acquisitions (M&A) underwriting expert, Thomas Mannsdorfer. According to the announcement, the team has a total available line size of €20 million, in partnership with a select ... Read the full article
SiriusPoint partners with MGA Nordic Marine Insurance
18th September 2023
SiriusPoint has announced its new partnership with Stockholm-based Nordic Marine Insurance (Nordic Marine), which will primarily focus on writing Hull & Machinery (H&M), Yacht Owners Charter Cancellation and Marine Delay business. Founded in 2012, Nordic Marine is an insurance company providing niche insurance products to the global maritime industry and offers ... Read the full article
Asset-light structures play a critical role in insurance: Howden Tiger, Conning
10th September 2023
Reinsurance broker Howden Tiger, in collaboration with insurance research group Conning, has released a new report examining the growing importance and influence of asset-light structures to the re/insurance industry during times of heightened underwriting and investment volatility. The comprehensive report, Travelling Light, explores the rise and impact of asset-light insurance structures, ... Read the full article
+Simple and GMBC announce strategic merger to drive growth in European MGA market
31st August 2023
+Simple, a leading European digital insurance distribution platform for small businesses, and GMBC, a tech-enabled master MGA and reinsurance platform, have completed a strategic merger to drive growth in the European MGA market. According to the announcement, +Simple has acquired 100% of the share capital in GMBC through a combination of ... Read the full article
MGA Corin receives strong performance assessment from AM Best
17th August 2023
Managing general agent (MGA) Corin Underwriting Limited (UK) and Corin Underwriting (Europe) GmbH (Corin Europe) (Germany) have been assigned a performance assessment of PA-3 (Strong) by rating agency AM Best, with a stable outlook. This makes Corin the first UK MGA of its size to be assigned such a high performance ... Read the full article
SiriusPoint partners with property casualty MGA Eaton Gate
7th August 2023
Global specialty re/insurer, SiriusPoint has announced its partnership with Eaton Gate, a London-based Managing General Underwriter (MGU), which will be primarily focused on UK property casualty insurance business. Eaton Gate writes in excess of £100 million through its group of managing general agents (MGA’s) and is one of the largest MGU/MGAs ... Read the full article
AM Best assigns credit ratings to UK hybrid fronting carrier Bridgehaven Insurance
7th August 2023
Bridgehaven Insurance, a recently launched hybrid fronting carrier, has secured an A- (Excellent) Financial Strength Rating and a Long-Term Issuer Credit Rating of “a-” (Excellent) from AM Best. The outlook assigned to these ratings is stable. Launched in July 2023, Bridgehaven has a vision to become the leading UK hybrid ... Read the full article
US MGAs see strong growth in 2022 amid shifting landscape and increased scrutiny: Conning
3rd August 2023
In a recent study conducted by Conning, it has been revealed that Managing General Agents (MGAs) in the U.S. property-casualty (P&C) insurance sector experienced remarkable growth in 2022, outpacing the broader P&C market. The study indicates that premiums sourced by MGAs surged by an impressive 24%, a growth rate significantly higher ... Read the full article
MGA Converge raises $15m in Series A funding from Forgepoint Capital
1st August 2023
Converge Insurance, pioneers in advanced cyber risk management and underwriting have raised $15 million in Series A funding from Forgepoint Capital. At the same time, Forgepoint Managing Directors Don Dixon and Andrew McClure have joined the company's Board of Directors as part of the financing. As part of the financing round, which ... Read the full article
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