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The MGA platform was launched by former Barbican executives in late 2021.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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Prior-year legacy deals and higher reinsurance costs are just some of the issues that brokers, MGAs and other cedants are confronting in clearing up after the debacle over allegations regarding faked letters of credit.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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The deal adds a further £14mn of GWP to the business, following the recent purchase of Tay River Holdings.
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The MGA has also appointed Protean Risk’s Charlie Cooper for FI, fintech and cyber underwriting.
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Brown & Brown was ranked as the largest MGA Group in the world as the first to generate more than $1bn in annual revenue.
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Ebitda multiples for MGAs are undented by rising interest rates, report claims.
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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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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.