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The London MGA is launching a Lloyd’s vehicle to take on a share of the business that it writes. -
The former Beazley marine chief launched the MGA through Fidelis’s Pine Walk platform with $100mn of capacity.
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Through five promotions, the carrier has introduced a new layer of management to support its growth plans.
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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.
