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It comes as the MGA expects to write more than $1bn of premium in 2026.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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West Hill Capital is the main investor in the capital raise.
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The business has been ~70% owned by White Mountains since January 2024.
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What’s driving the wave of shifting ownership structures in the Lloyd’s market?
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Current backer JC Flowers will retain its holding and the cash will fund a Bermuda acquisition.
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Aon’s Enrico Vanin will lead the platform as CEO.
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Insurance Insider reported earlier today of the asset manager’s foray into the MGA space.
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The tech firm is building a joint stock company with insurers and investors.
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The broker’s joint venture with Bain Capital still lacks a CEO.