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The capacity expansion addresses a gap in current limit options, the MGA noted in its Tuesday announcement. -
The executive expects the Bermudian to start onboarding programs later in 2024 or early in 2025.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The subsidiary will offer clients and capital providers a wide-ranging, single platform of financial lines products, with operations across the US, Europe, LatAm and London.
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InsurTech Nirvana plans to expand its offerings with a program designed for fleets with fewer than 10 units.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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The CEO said the strong performance of MGAs during market dislocation has made it more challenging to accurately value future growth potential of M&A targets.
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Based in Philadelphia, ProVerity provides specialty products to underserved areas of professional liability business.
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Convergence Point Solutions, the new JV, includes identifying the collateral as credit risk on a portfolio basis and recognizing the regulatory protections for the true risk of default as part of its approach.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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He was previously president of Kelly Underwriting Services, now part of CorRisk.
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The company has promoted CUO Sim Bridges to president, while retaining the CUO role, and Kim Bushong Petrillo to president and COO.
