Fronting
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The ILS start-up was founded in January by Hanni Ali and Peter Dunlop. -
The executive is charged with defrauding investors out of nearly $500mn.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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In 2024, MGA GWP reached approximately $20bn in Europe.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The investors are led by PE firm NMS Capital Group.
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The raise includes minority investments from Nationwide, Enstar and others.
