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It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re. -
At $6.15 per share, the deal is a 97% premium to Trean’s closing price on December 15 and a 133% premium to the 30-day average price per share of $2.64.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Following the deal, Insight Re founder and CEO Guillermo Eslava will become Ocean Re CEO in Q2 2023, succeeding Carlos Chamorro.
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Dover and Nersessian-Hristova’s appointments mark the first expansion of Convex US since its launch earlier this year.
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Other members of the board include CAC Specialty SVP Paul Wendler and Lisc NY senior executive director Valerie White.
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As the MGA market gathers today, cat property capacity looks set to dwindle further as Hurricane Ian exacerbates pre-existing challenges.
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The executive joins Platinum Specialty after over two years at UK MGA Optio, where he was NA managing director.
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The launch follows their expansion in Texas in June, for which the two struck a partnership deal last year.
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The ratings agency estimated that 20 unaffiliated MGAs in 2021 generated over 60% of the total direct premium produced by program managers in the US.
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Ambac’s Everspan Group has launched a program with InsurTech Centrex Underwriters, an MGA that offers liquor liability and general liability insurance products for the hospitality industry.
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The executive will no longer serve as an officer and director of the program manager and its subsidiaries.
