Binders
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Sources believe Lloyd’s may be veering away from central DA systems.
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The binder has a line size of $2mn and will enable the MGA to write international property risks in a number of international territories.
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Lloyd’s has asked all syndicates to outline their delegated authority (DA) portfolio at a whole account level for syndicate business discussions (SBDs), as the 2024 business plan cycle kicks off.
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Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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Argenta will be a cornerstone capacity provider to new MGA Casper, which will write $100mn in year one.
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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.
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The executive joined the carrier last year as underwriting manager for US delegated authority.
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LIMOSS and Vitesse will deliver the claims service, which is part of the Blueprint Two reforms, and are offering discounts to syndicates signing up in H1 2023.
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Derrick Potton and Alex Fell will work on business development and management liability respectively.
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The move follows Jess Pryor’s promotion to executive chairman of Brit’s US business.
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Rising Edge will provide D&O cover for companies ranging from US-listed entities to private entities.
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However, 2021 could be a turning point for the profitability of delegated authority books, according to the broker.
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Huge uncertainty reigns over the ultimate size of the loss, the full extent of which will take months to play out.
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Axa will be the MGA’s main capacity provider from February for construction and engineering products.
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Arch Managing Agency was launched last year to bring together Arch and Barbican’s Lloyd’s operations.
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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The investor’s largest portfolio company Nexus plans further acquisitions in 2021.
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The InsurTech could be merged into Reinvent Technology Partners, as Metromile prepares to go public in a similar transaction, Bloomberg reports.
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The WR Berkley subsidiary was founded in 2009 and writes upstream energy, marine and energy liability.
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The senior executive previously oversaw Lloyd’s Brexit planning and its China platform.
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Bryte has also granted an underwriting binder for its entire corporate property book to Sapphire Risk Transfer.
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The former Novae CEO calls the delegated authority platform planned under Blueprint Two the “holy grail” for MGAs.
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Group CEO David Howden said the A-Plan acquisition brings further retail M&A opportunities.
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The intermediary recorded revenue of £777mn, with 6% Ebitda growth taking earnings to £223mn.
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The London-based investor says its 20% stake in the Australian MGA is now worth $10.5mn.
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William Alderton becomes head of the new worldwide unit.
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The Marsh JLT-owned business specialises in cover for floating power and desalination operations.
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Pressure is growing from Lloyd’s underwriters on A&H coverholders, which often attract high commissions.
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The capital supports the MGA’s excess retro portfolio.
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This publication looks at 10 issues that will shape the industry in the year ahead, from rate sustainability to start-up progress to the post-Covid recovery.
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The move follows the recruitment of former Novae CEO Matthew Fosh.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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The executive was an EVP at the Innovisk-hosted MGA, which will enter run-off for 2021.
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The executive will work as a business development manager, raising awareness of the need for coverage.
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A “change of control” clause also gives hosted MGAs the opportunity to find new platforms if they wish.
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CEO Danny Maleary also highlights ambitions for his firm to pioneer a packaged incubation/risk-bearing platform approach for MGAs.
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