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Assurely will act as an MGA for Great American as the carrier expands its executive liability operations in the small business segment. -
In an interview, Phil Bowie said the company plans to access reinsurance capacity directly, and called current market conditions “the best” for savvy underwriters.
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The deal is the latest in a flurry of MGA M&A activity and comes after it sought to raise a balance sheet earlier in the year.
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The deal for top-10 MGA, which writes around $500mn in premiums, would mark a dramatic expansion in Acrisure’s underwriting capabilities.
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The move is the latest in a flurry of steps Trean has taken to expand its presence in the white-hot programs market, and among a wave of fronting carriers that have entered the sector in recent years.
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Under the agreement, Amwins will write NSA policies for Buckle in Florida and Gateway will act as admitted carrier.
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With this partnership, brokers leveraging Attune will have access to flood products with broader coverage than the traditional NFIP under FEMA.
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Just over a quarter of shareholders voted to redeem shares as Aldel Financial took classic car underwriter public.
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In an interview with Inside P&C, Prashanth Gangu also argued that InsurTechs should stay private for as long as possible, and InsurTech MGAs should not rush to transition to full stack until they prove that their business models work.
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The Traverse City, Michigan-headquartered MGA began training Friday after a merger deal with SPAC Aldel Financial, valuing the business at around $3.1bn.
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Kaufman is the third president in Burns & Wilcox’s history, preceded by his father, President and CEO Alan Jay Kaufman, and his late grandfather, Herbert W. Kaufman.
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The advent of radar technology, satellite imagery and ground-sensor technology has allowed brokers and underwriters to develop better tailored products.
