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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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The executive noted that an influx of new entrants in the E&S market is increasing competition.
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From the carrier perspective, alignment of interests was a recurring theme.
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Adeptive co-founder and CUO Jeff Bright will lead the MGU’s US strategy.
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HNW family offices are now among investors considering the US MGA segment.
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It is understood that Sutton National is the fronting carrier sitting behind the facility.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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It is understood the permanent reinsurance capital vehicle is called Highline Re and will sit behind fronting carriers.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The reductions reflect a mix of programs being handed off and MGAs proactively switching.
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BP Marsh has agreed the sale of its 28.2% shareholding as part of the deal.
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Dealmaking took centerstage, but other discussed topics were growth, talent and capacity.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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The Jay Rittberg-led program manager kicked off a strategic process in August.
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Sources said the PE-backed platform retained IAP to advise on the process.
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The company is looking to grow through its new MGA incubator program.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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The executive is charged with defrauding investors out of nearly $500mn.
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MGAs that are good operators will stick out compared to the rest.
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.
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Neil Ross was also appointed CUO for the broker’s MGA.
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Fronting doesn’t look any better when it’s broken down by segment.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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The MGA platform wants to expand into Europe and the UK and grow its wholesale business.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The new unit will be led by former Emerald Bay exec George Dragonetti.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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Neptune’s stock price jumped 25% on the first day of trading.
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The oversubscribed IPO priced at the top end of expected $18-$20 per-share range.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
