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CEO Nick Tye told this publication earlier this month that the company was planning a financial lines launch. -
The broker said that rates were falling but remained well above soft market levels.
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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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The product launch comes soon after the MGA started a new professional indemnity binder.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
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Slowing primary pricing, the looming threat of inflation and increased cat retentions were key themes from this reporting round.
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Rokstone’s new PI facility is for UK and EU risks with a £2mn primary and a £5mn excess of loss limit.
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The association allowed managing agents to select the most suitable candidates in this election cycle.
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
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The MGA has grown its fintech book by 100% in the last year and the new team will be led by Hannah Durrant.
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The business marks the latest launch into a financial lines market that has attracted substantial amounts of capacity.
