MGAs/MGUs

Brown & Brown was ranked as the largest MGA Group in the world as the first to generate more than $1bn in annual revenue.

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.

Based in Miami, the executive joins BUA as partner, working alongside managing director and CUO Juan Calvache.

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.

The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.

Jackson is likely to be charged with a build-out beyond the three lines currently underwritten in London.

Bermudian carrier SiriusPoint’s equity stake in D&O MGA Banyan Risk has been reduced to 49% from 100%, filings show.

The funding from BP Marsh has enabled a management buyout from Castel Underwriting Agencies, with the management owning the remaining 65% of Verve.

Bastion Risk Partners will operate autonomously as a provider of specialist (re)insurance solutions for a wide range of commercial entities.

Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.

The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.