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.
Volante Global launches Nordic-focused MGA Bridge Underwriting
1st February 2018
Multi-class and multi-territory international managing general agent (MGA) platform Volante Global has announced the launch of Nordic-focused MGA Bridge Underwriting AB. The Stockholm-based specialist underwriting MGA is set to be led by Torkel Lindberg as Managing Director and will work exclusively with key brokers and agents across the region, offering property, liability, financial ... Read the full article
Preservation Capital completes Ascent Underwriting acquisition
25th January 2018
Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article
Mike Sibthorpe named CEO of Insurance & Reinsurance, Nexus Underwriting
23rd January 2018
Specialty Managing General Agent (MGA) Nexus Group has named Mike Sibthorpe as Chief Executive Officer (CEO) of Insurance and Reinsurance at Nexus Underwriting Management, and announced a reshuffle of its management team. The appointment is effective from April 2018 and also makes the former Chief Underwriting Officer (CUO) for AmTrust at Lloyd’s ... Read the full article
Paragon Insurance appoints Andrew Peterson to lead MGA Reinsurance Operations
23rd January 2018
Multi-line specialty Managing General Agency (MGA), Paragon Insurance LLC has named Andrew Petersen as Regional President and Executive Vice President of Reinsurance Operations. Prior to joining Paragon, Peterson acted as Chief Corporate Development Officer of Atlas General Holdings, LLC, a San Diego based general agency, since 2012. He brings extensive industry experience ... Read the full article
Volante Global launches London market commercial motor MGA, Edison Motor
18th January 2018
Multi-class international managing general agent (MGA) platform, Volante Global Limited, has announced the establishment of Edison Motor, a London market commercial motor insurance MGA. Edison Motor will offer comprehensive commercial motor insurance solutions to niche markets in the UK, with key business lines being the public sector, such as police forces, fire ... Read the full article
AmWINS to acquire personal lines specialty MGA Seacoast Brokers
3rd January 2018
Specialty insurer AmWINS Group has reached an agreement to acquire personal lines specialty MGA Seacoast Brokers, LLC, with the transaction due to close following regulatory approval. Steven DeCarlo, Chief Executive Officer of AmWINS, said; “the addition of Seacoast to our AmWINS Access division significantly increases our personal lines products and services. “Seacoast’s ... Read the full article
Volante Global to launch in Q1 2018 as global MGA platform
20th December 2017
Volante Global is set to launch in the first quarter of 2018 as a new UK headquartered multi-class and multi-platform global Managing General Agent (MGA) backed by Nephila Capital and subject to Lloyd's Coverholder approvals where appropriate. The group is establishing an international network of underwriting teams located in key territories ... Read the full article
Fidelis Insurance buys stake in MGA Firestone Surety
18th December 2017
Fidelis Insurance has bought an equity stake in a new Managing General Agent, Firestone Surety, and will be providing its underwriting capacity. Firestone will focus on the small and medium-sized enterprises sector of the surety market and will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform. Firestone will be head ... Read the full article
Coverys purchases R&Q Managing Agency at $22 million
4th December 2017
R&Q has sold its Lloyd's managing agency, R&Q Managing Agency (RQMA) to Coverys, a leading provider of medical professional liability insurance based in Boston, Massachusetts, after receipt of regulatory approval. Coverys purchased RQMA for $22.6 million; after costs and related incentive and other payments, R&Q will get net proceeds of £13.1 ... Read the full article
Preservation Capital acquires stake in cyber MGA Ascent
9th November 2017
Cyber and specialty lines Managing General Agent, Ascent Underwriting, has agreed that Preservation Capital Partners will take a substantial stake in the business subject to regulatory approval, providing significant capital to support Ascent’s growth ambitions. The Ascent managing team will retain a significant shareholding in Ascent and will continue to manage the ... Read the full article
MGA Nexus Group appoints Charles Penruddocke to Deputy Chairman
7th November 2017
Specialty Managing General Agent (MGA) Nexus Group has appointed Charles Penruddocke to Non-Executive Deputy Chairman of Nexus CIFS and Equinox Global. He joins from a role wih MS Amlin Bermuda as Head of Specialty Lines and Global Product Lead. The appointment comes off the back of Nexus’ continued expansion in the Trade ... Read the full article
Fidelis’ Radius MGA launches, begins operations from November 1st 2017
1st November 2017
Fidelis Insurance has launched its first managing general agent (MGA), Radius, and has announced that it will be led by Rob Ashton, who joins from reinsurer Hiscox Re. It was announced in July, 2017 that the specialist MGA would begin writing business from January 1st, 2018, but this has now ... Read the full article
Randall & Quilter looks to fund growth with £49.3m capital raise
5th October 2017
Non-life insurance, reinsurance legacy and run-off acquisition and management, and investments specialist Randall & Quilter Investment Holdings Ltd. is seeking to raise close to £50 million in order to fund future growth. The capital raise will feature a £45 million placement of new ordinary shares with institutional shareholders and Directors, as ... Read the full article
First Light Programme Managers to acquire MGA Piedmont
28th September 2017
First Light Programme Managers has entered into an agreement to acquire all the assets of Managing General Agency (MGA) Piedmont Transportation Underwriters. Piedmont specialises in the trucking insurance industry, offering commercial auto liability, auto physical damage and motor truck cargo coverage on a wholesale basis in the U.S. Mid-Atlantic region. President of ... Read the full article
Pen Underwriting promotes Tom Downey to Chief Underwriting Officer
15th September 2017
Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017. Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & ... Read the full article
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