MGAs/MGUs
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The MGA is seeking to double premium from $1.5bn over the next four to five years. -
It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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The parametric product will pay out based on a hurricane’s proximity to the insured.
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The acquirer has forecast premiums of $1bn by 2025 at the multi-class coverholder
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The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.
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Nephila will maintain a minority holding in the MGA, which is looking for paper from more reinsurers and ILS firms.
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The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires.
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The insurance product is set to launch in Jamaica, the US Virgin Islands, the Bahamas and St Lucia in 2021, with further expansion planned for 2022.
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ICEYE’s fleet of satellites will offer data insights into areas where coverage is impeded by data limitations.
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After the acquisition, the Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates.
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Orchid, Accredited partner to expand personal lines capacity in coastal markets amid strain from increasing cat events.
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