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📖 Program Manager: March 2024 edition The migration of senior underwriting talent from carriers to MGAs has been a dominant theme of the last few years and one of the drivers of the program sector’s strong growth trajectory. The generation and regeneration of MGA, MGU and program administrator businesses is of course nothing new, with the space often viewed as a home for innovation and entrepreneurial talent to bring solutions to distribution partners. Historically this has been focused on what would be considered more “traditional” or “true” program business – product driven, more homogenous or affinity offerings targeting niche classes and industry segments. But the more recent trend has seen an exodus of underwriters focusing on bigger ticket specialty lines and more mainstream, open market business such as professional liability, property and casualty, as they leave seats at commercial insurance carriers. And in this month’s issue we lead off news about the latest venture to fit that description, with Pat Kenahan’s new excess casualty MGA First Specialty XS set to begin underwriting risks incepting 1 April. The venture has Applied Underwriters affiliate United Risk among its backers and has secured paper from MS Transverse Insurance Group, understood to be backed by reinsurers including Arch, RenaissanceRe and Conduit Re, with capacity of up to $15mn per risk above a $10mn minimum attachment point. Our other lead news article features K2’s move to successfully transfer around $300mn in program business from Homesite to Fortegra, with negotiations ongoing with other potential capacity providers. Our Editor’s letter this month is penned by my colleague Christopher Munro, who has just taken on the role of Editor for Program Manager in addition to his position as Associate Editor at The Insurer. He looks at the symbiotic relationship between the MGA sector and the still-booming E&S market, as our sister publication E&S Insurerprepares to host its second annual conference and awards events in NYC next week – which should provide a good barometer for the health of the sector. In other news, we reveal that Clear Blue Insurance Group has hired former Swiss Re executive Lee Brenner for the newly created role of chief of insurance operations, as it targets more conservative top-line growth in 2024. ✅ Read in full here – only available to subscribers: https://lnkd.in/eDkPGZZB Our partners: AM Best | CRC Insurance Services | DUAL Group | Euclid Program Managers | MS Transverse Insurance Group | One80 Intermediaries | Ryan Specialty | Risk Placement Services, Inc. | State National Companies (SNC) | Target Markets Program Administrators Association (TMPAA) | Nationwide | Markel #ProgramManager #insurance #reinsurance #mga #mgu #underwriting

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