wildfire-1105209__340
Source: Pixabay
25 January 2019Insurance

MarketScout launches new MGA WildCat to cover wildfires in California

MarketScout, the electronic insurance exchange and specialty managing general agent (MGA) in the US, has launched a new MGA facility specifically designed to offer additional capacity to cover wildfire risk.

The MGA facility, called WildCat, has been launched at a time when some other carriers are exiting the market in the aftermath of several years of catastrophe losses from this risk.

Insured losses for 2018 alone have been calculated in the billions. As a result, the California personal lines market is trending toward a hard market, with rates for brush exposed properties trending towards increases from 10 percent to 50 percent.

“The brush and wildfire issues in California are similar to the windstorm issues suffered in Florida 12 to 14 years ago. Many insurers are trying to exit the California market,” said Richard Kerr, MarketScout’s CEO. “MarketScout has extensive personal lines underwriting expertise that has enabled us to develop new, much needed capacity.”

WildCat, which is available in all Western states, will also offer DIC and Wrap coverage options.

“We work very hard to generate an underwriting profit for our insurer partners,” said Chris Hatt, EVP of MarketScout Private Client Solution. “By utilizing our internal expertise and the brush fire modeling tools provided by HazardHub, we are able to make proper risk selection which will assure underwriters a profitable book of business.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Allianz business Pimco enters P&C ILS market

Saacke in shock departure from Qatar Re

Langhorne Re swoops for new CEO from rival

Brexit subsidiaries will drain business from London

Brexit transition remains a ‘huge challenge’ admits Lloyd’s

Claims severity, adverse reserve development are now hurting carriers

Ryan Specialty continues on the acquisition trail

US/China trade war and Brexit mean insurers must tighten contracts

Everest expects $695m nat cat loss from Q4 2018 Reshuffle at RSA as it refocuses commercial business Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
9 May 2019   As homeowner insurers curb services in wildfire and hurricane prone areas of the US, Texas-based, Lloyd's coverholder and MGA for US insurers MarketScout said its recently launched WildCat Brush and CatRisk Wind services would “pick up the slack”.
Insurance
7 May 2019   Germany-based insurtech company GMBC has launched a new master managing general agent (MGA) platform for the European insurance market.
Insurance
24 April 2019   MarketScout, the electronic insurance exchange and specialty managing general agent (MGA) in the US, has invested in cyber insurtech platform Wingman.