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Bonnet has spent more than four years at WTW in increasingly senior roles. -
The company is looking to grow through its new MGA incubator program.
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Other MGAs in the transactional-liability class are also expanding into the US.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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This follows the news that AmTrust will spin off some of its MGA businesses.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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The executive joins from MSIG USA.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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Sources said that the NY-based TL underwriter has retained Piper Sandler to run the process.
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Hasnaa El Rhermoul will be SVP at Ethos Transactional, sources said.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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The executive said the floor on D&O pricing is in sight.
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This is the New York-based firm’s first acquisition since launching in 2024.
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Michael Mora was appointed North America CEO just over a year ago.
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In March 2024, Cowen was appointed to lead Chubb’s new international transactional liability platform.
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Underhill spent nine years at BHSI as global head of transactional liability.
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The Inflation Reduction Act 2022 established new tax credits to incentivize investment in renewables.
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Last month, Insurance Insider US revealed that former GTS Americas head Scott Pegram had left the company.
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With the added capacity, the MGA can offer up to $35mn per risk.
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In North America, the median W&I claim payment in 2024 was $5.5mn, the highest on record.
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Scott Pegram had been at Liberty Mutual for over six years in various senior roles.
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Volante’s syndicate may still support select transactional liability risks, but it will not have an in-house team.
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Chubb told insurers to look inward in the fight against LitFin, but insurers are also tied to that industry.
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The trend is expected to be most pronounced in the Middle East, the survey found.
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Starr joins a panel that includes capacity from Axis and Skyward.
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The executive is departing for a role at Birch Risk.
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The executive joined the MGA in January 2024 and has spent his entire insurance career within the TL space.
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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The executive was most recently chief revenue officer at Aon.
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Capital funding new litigation dropped 16% YoY, however.
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In January, Archer expanded its capacity with Lloyd’s backing.
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The MGA will be trying to replace the transactional liability capacity in the coming weeks.
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Kritzman has been with TMHCC for more than seven years.
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The traditional R&W product is seeing an increasing number of large losses.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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Other backers include Arch Specialty, Allianz, Allied World and HDI.
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Sources said the MGA secured support from MS Transverse, Axis, AmTrust and Summit for TL business.
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Ballan has prior experience at Liberty Mutual, Alliant Insurance and Davis Polk & Wardwell.
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Sources said that Archer Transactional and BlueChip Underwriting will continue operating with existing paper providers.
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There has been increased W&I appetite in South American jurisdictions.
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Liberty GTS saw a 21% YoY decrease in R&W notifications across all its regions in 2023.
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The deal is the latest in a string of investments by the MGA platform.
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Sources said that a deal between the two sides could be reached in the next couple of weeks.
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Current rates at 2% to 2.5% translate to an 86% incurred loss ratio.
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Deal flow is still far below levels seen in 2021.
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Sources expect at least $80mn-$90mn of insured losses stemming from the case.
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Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
