Start-ups
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Longbrook Insurance will write multiple lines of business. -
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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From the carrier perspective, alignment of interests was a recurring theme.
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The company is looking to grow through its new MGA incubator program.
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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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Return horizons are shifting, and entrepreneurial underwriters should start looking at longer tail business.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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Tangram will become the inaugural portfolio company of Balavant Insurance.
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It represents the platform’s formal entry into the commercial E&S market and will be led by EVP Neil Lipuma.
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Altamont Capital MD Sam Gaynor said the goal is to have fewer programs that can each grow to a significant size.
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The new MGU is expected to formally launch before the annual WSIA marketplace in San Diego.
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Sources said that the start-up will be fronted by Bain-backed Emerald Bay.
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Full-stack carriers fail to outclass incumbents with no clear platform differentiation.
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The firm will target mid-market risks with TIVs of $25mn-$1bn.
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The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.
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In The Car offers embedded auto insurance by integrating policies into dealership management systems.
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The Bermuda-based team is led by John Fletcher.
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BP Marsh has subscribed for a 49% shareholding in the start-up MGA.
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The Miami-based underwriter will write lines of up to $5mn per risk for cyber and tech E&O.
