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.
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
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
Digital MGA Foxquilt secures $12m funding
25th July 2023
Leading North American digital MGA, Foxquilt has successfully secured $12 million in funding, spanned across two rounds with the initial closing at the end of 2022, led by ICM, and the latter in recent weeks with participation from both existing and new investors. This substantial investment clearly underscores the confidence in ... Read the full article
Loadsure launches new digital ocean cargo & stock throughput insurance
20th July 2023
Insurtech MGA Loadsure has launched two “next generation” digital ocean cargo & stock throughput insurance products. “DanubeTM - Dynamic Ocean Cargo Insurance” and “HuronTM” are powerful tools for brokers, who will be able to quote cost-effective annual cover to their clients with unprecedented speed, utilising historical and real-time data to accurately ... Read the full article
US fronting market stands at an inflection point: Conning
20th July 2023
The US fronting market, where specialised carriers offer their financial strength rating, licensing, among other services primarily to MGAs, has increased dramatically throughout the past several years. From a premium size of around $4 billion in 2018, leading investment management firm Conning, estimates the market to now exceed $12 billion. Fronting companies ... Read the full article
Arch takes minority investment in MGA Helix
12th July 2023
Bermuda-based agency, Helix Underwriting Partners Ltd. has entered into an equity investment agreement under which global insurer Arch Capital Holdings Ltd. has become a minority shareholder. According to the announcement, this transaction further solidifies the strong trading relationship between Helix and Somers Re Ltd., a global specialty property and casualty re/insurance ... Read the full article
Clear Group drives MGA build with acquisition of One Commercial Specialty Limited
12th July 2023
Insurance broker Clear Group has announced its acquisition of Specialty Lines MGA, One Commercial Specialty Limited. This marks Clear Group's second MGA deal, as earlier this month the broker announced the acquisition of a 50% shareholding in Thomond Underwriting Limited, based in the Republic of Ireland and Northern Ireland. This second ... Read the full article
Actuarial and compliance consultancy firm OAC joins the MGAA
10th July 2023
OAC, an actuarial and compliance consultancy services firm, has joined the Managing General Agents’ Association (MGAA). The firm is part of the Broadstone Group following its acquisition in April 2023. It offers a range of services to MGAs ranging from actuarial services such as pricing, portfolio analysis, modelling and optimisation to ... Read the full article
MGA market continues to thrive despite headwinds: Clyde & Co
7th July 2023
Despite the economic turbulence experienced in the past few months, the managing general agent (MGA) sector continues to thrive, with 90% of MGAs and 80% of carriers expecting to increase or hold steady their partnerships, global law firm Clyde & Co has found. The MGA Report has shown that carriers’ interest ... Read the full article
Clear Group makes first MGA investment
7th July 2023
Insurance broker Clear Group, has announced its first MGA investment with the acquisition of a 50% shareholding in Thomond Underwriting Limited. Based in the Republic of Ireland and Northern Ireland, Thomond Underwriting is a commercial MGA and Lloyd’s Coverholder, which has been operating in the region since 2007. It deals exclusively through ... Read the full article
Insurance veterans partner with Flexpoint to launch new UK hybrid-fronting carrier
6th July 2023
Bridgehaven Insurance, a new hybrid-fronting carrier has officially launched following Prudential Regulatory Authority approval, along with the backing of Flexpoint Ford (Flexpoint), a private equity firm with significant experience within investing in the insurance sector. The new carrier's vision is to become the leading UK hybrid-fronting insurer of commercial & specialty ... Read the full article
Pen Underwriting acquires Norwegian MGA Fender
6th July 2023
UK-based Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has acquired specialist Norwegian managing general agent (MGA) Fender Marine AS for an undisclosed sum. It will become part of Pen’s International & Financial Lines division as Pen looks to expand its geographic footprint beyond the UK. Based in Bergen and Oslo, ... Read the full article
AIG & Stone Point successfully close agreement to form high net worth MGA
4th July 2023
AIG has announced that its definitive agreement with funds managed by Stone Point Capital to form an independent Managing General Agency specialising in the High Net Worth and Ultra High Net Worth markets called Private Client Select Insurance Services (PCS) has successfully closed. AIG and the re/insurance-focused private equity firm Stone ... Read the full article
Kettle offering parametric hurricane reinsurance in the US using Reask’s model & data
26th June 2023
Climate analytics and technology driven risk modelling firm Reask, has entered into a partnership with InsurTech MGA Kettle, which will allow Kettle to offer location-level, wind speed-based parametric hurricane reinsurance in the US. According to the announcement, this new partnership will allow Kettle to expand its climate-related offering to include parametric ... 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
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