Ambitious tech-enabled MGA Ledgebrook has transitioned its general casualty and supported excess products from the AM Best A- rated paper of Everspan to the A rated paper of MS Transverse in a move that will allow it to expand appetite and coverage, E&S Insurer can reveal.
According to sources, the program is effective 1 January and is supported by a $150mn reinsurance placement. In a statement confirming the transition to MS Transverse, Ledgebrook said the strategic move represents a significant step forward for the firm, bringing enhanced financial stability and expanded opportunities to its offerings.
“We are excited about the additional value we can now deliver to our valued distribution partners with this change," said John Mullen, President, E&S. "The higher rating of our new hybrid fronting partner underscores Ledgebrook’s commitment to providing clients with a more secure and dependable platform. This transition enhances our ability to deliver competitive, comprehensive insurance solutions while reinforcing the stability and security our clients expect,” he continued.
Ledgebrook’s Head of Casualty, Scott Carr told us, "This transition enables us to offer broader coverage across targeted industries, particularly in manufacturing and construction, aligning with the needs of our clients and the market. By raising our premium threshold from $250,000 to $450,000, we’re offering greater flexibility and value for insureds with complex risk profiles."
Founding CEO Gage Caligaris commented: “Our partnership with MS Transverse reflects Ledgebrook’s ongoing commitment to growth and excellence.”
The upgrading of paper to A rated MS Transverse – which is thought to have 17 MGA relationships with around 50 programs – is likely to be touted as a proof of concept by Ledgebrook as it continues on its strong growth trajectory following its launch just over two years ago.
Led by Gage Caligaris as CEO, the firm secured $17mn of Series B funding last September that brought in family offices Duquesne and the Stephens Group to support the acceleration of its expansion, including adding new products and developing its tech-focused platform.
Boston-based Ledgebrook also raised $24mn in a Series A that was announced last March. Other investors in the firm include Brand Foundry Ventures and American Family Ventures.
The MGA has been scaling its operations and now has 85 employees including 20 in-house programmers in addition to its underwriting, operations, finance and management teams, as well as a central operations group in Poland initially focused on post-bind and back-office functions.
It has also been rounding out its management team, including the appointment of former Lazard executive Anthony Segal-Knowles as its CFO. Other additions include Erik Soria as Head of Strategy, with the former Conduit, Sirius, QBE Re executive joining after his exit from BMS Re.
