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Program News

New Paradigm Underwriters and its director of specialty insurance programs Mark Groenheide are in the market securing reinsurance for the launch of a new technical MGU called Conductive Underwriters, which will provide all-risk coverage including embedded parametric insurance, Program Manager can reveal.

Distinguished Programs is executing ambitious growth plans under its new management that include targeting opportunities to partner with carriers and take on underwriting teams from those companies while enabling them to retain risk premium on the business, Program Manager can reveal.

Everspan aims to pass the $250mn premiums mark in 2023 and again double in size to $500mn+ over the next couple of years as it looks to add general liability and workers’ compensation programs.

Ryan Specialty’s renewable energy-focused MGU PERse is diversifying its book of business and eyeing opportunities in emerging technologies, while also targeting new capacity providers to support its growing platform at a time when interest and competition in the specialist sector has never been higher.

In an increasingly data-driven segment of the market, the raw statistics around the Target Markets Program Administrators Association Annual Summit in Scottsdale support the view that the US MGA and programs sector remains in rude health, with booming growth conditions and record interest.

Reinsurance has been a key driver behind the strong growth trajectory in the US programs and MGA space, facilitated by the proliferation of hybrid fronting carriers, according to senior executives in a Program Manager panel.

Risk transfer platform Vesttoo has partnered with Clear Blue to deploy $1bn in collateralised capacity to the fronting carrier’s P&C portfolio over the next year in a deal that provides capital markets investors access to diversified risks and MGAs additional reinsurance capacity, Program Manager can reveal.

US-based hybrid fronting carrier Transverse has been acquired from Virgo Investment Group by Mitsui Sumitomo Insurance Co (MSI) in a deal reported to value the firm at ~$400mn....

MGAs have a crucial role to play in ensuring the wider insurance market remains relevant to its clients, David Howden has said...

AmRisc has replenished the majority of the capacity that retrenched from the giant cat-focused MGA late last year with the addition of Berkshire Hathaway and hybrid fronting insurer Spinnaker to its carrier panel ahead of its busiest renewal date of 31 May, Program Manager can reveal. 

The move by Howden RE to swoop for the leadership of GC Access and a growing number of the division’s team members is being seen as an audacious move that paves the way for the challenger reinsurance broker to take a leading position in the burgeoning programs and MGA sector.

Bill Malloy, Jason Rotman and Steve Sitterly are set to take the helm at Distinguished Program with the transaction for private equity firm Aquiline Capital Partners to buy into the program administrator now agreed ahead of an expected close this spring, The Insurer understands.

quiline Capital Partners has emerged as the frontrunner to take a minority stake in Distinguished Programs after entering exclusivity with the program administrator, our sister publication Program Manager can reveal.

Vesttoo expects to structure transactions for some $7bn of limit in 2022 by matching coverage demands of MGAs, MGUs, fronting carriers and (re)insurers with the appetite of its growing investor panel – including by bringing quota share capacity to the program sector, The Insurer can reveal.