MGAs
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Ebitda multiples for MGAs are undented by rising interest rates, report claims. -
The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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Based in Miami, the executive joins BUA as partner, working alongside managing director and CUO Juan Calvache.
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The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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Jackson is likely to be charged with a build-out beyond the three lines currently underwritten in London.
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Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show.
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The funding from BP Marsh has enabled a management buyout from Castel Underwriting Agencies, with the management owning the remaining 65% of Verve.
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Bastion Risk Partners will operate autonomously as a provider of specialist (re)insurance solutions for a wide range of commercial entities.
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Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.
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The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
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The firm is led by the former executive team of MGA Medici Facultative, headed by Henrik Webster.
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The MGA provides coverage to SMEs in the food, hospitality, leisure and hotel sectors.
