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A memo to staff said the executive will be “pursuing new opportunities outside of our company”. -
The change was made on December 2 and was effective immediately.
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Canopius will continue to be one of several capacity providers to the MGA.
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MGAs going public is now a viable option, but dominating a market comes first.
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Highly concentrated, overly leveraged fronts could repeat the Unicover-Reliance story.
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The executive said maintaining capacity is the main challenge in a soft market.
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Admitted carriers on the other hand are still exercising caution as regulatory reforms take hold.
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The MGA said payments to affected customers began shortly after the event.
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Insurance Insider US reviews Euclid’s process and recent events in US MGA and retail broking.
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The executive will report to Katalyx president and CEO Praveen Reddy.
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The executives are based in Seattle and New York.
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The London-based MGA will begin underwriting its international book next month.
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It is understood that Liberty will halt support for property lines in the LatAm region effective 2026.
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The valuation for the Jay Rittberg-led program manager is understood to be $1bn+.
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The MGA is exploring new product lines including condos and renters, CEO John Chu said.
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The HNW MGA previously had an exclusive distribution agreement under a partnership signed in July 2024.
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The company announced four key leadership appointments on Wednesday.
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The capacity deal comes over a year after Dual recruited Marilena Rodriguez Forero as CEO for the region.
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Existing facilities and carrier partners will be transferring from K2.
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The MGA began offering US commercial E&S property products in December.
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Longbrook Insurance will write multiple lines of business.
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Sources said that the New York-based InsurTech retained Evercore to advise on the process.
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It is understood that the MGA wants to start with renewable energy and transactional liability.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
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