MGA valuations are at record levels, and growth continues to outpace the broader insurance market. But is this a temporary surge or a fundamental transformation of the industry?
Ben Canagaretna, Global Managing Director of Acrisure Re Corporate Advisory & Solutions Limited (ARCAS) shares his perspective with The Insurer exploring why the MGA model represents a significant shift in the market and what will be needed to sustain current valuations over the long term.
Transaction Overview
LONDON, UK – Acrisure Re Corporate Advisory & Solutions Limited is pleased to announce its role as financial advisor to FTV Capital in connection with a significant growth equity investment into Carbon Underwriting Limited (Carbon), the market-leading delegated authority underwriting specialist with its own Lloyd’s syndicate.
FTV’s investment will support Carbon’s growth across its delegated underwriting platform, fund continued development of its proprietary Graphene data and analytics technology, deepen its AI capabilities and support international expansion, including the build-out of its US business. Carbon has experienced exceptional growth between 2023 and 2026, with gross written premium increasing from £150 million to £471 million at market-leading loss ratios.
Acrisure Re Corporate Advisory & Solutions Limited served as financial advisor to FTV Capital on the transaction.
Client Testimonial
“Throughout the establishment of Corinthian, the ARCAS team leveraged creativity and technical expertise to execute on a complicated, fast-moving, multi-party transaction. The team engineered an innovative deal structure that utilized a London Bridge 2.0 PCC for ourselves, arranged Tier 1 debt to enhance capital returns to all counterparties, and delivered granular analytics that clearly articulated potential investor outcomes. The depth of understanding of Lloyd’s capital frameworks, reporting requirements and processes, along with the close coordination with legal partners ensured a smooth, meticulous process from start to finish. The ARCAS team were some of the most commercial counterparties we have worked with, remaining focused on material items, while flexibly crafting a transaction that worked for all parties involved. We look forward to building Corinthian together in the coming years.”*
Gallatin Point Capital LLC
Transaction Overview
On December 31, 2025, Goodlife Solutions, Inc., the intermediate holding company of Blue Cross Blue Shield of Nebraska, Inc. (“BCBSNE”), completed a $100 million Senior Term Loan offering. BCBSNE is the leading health insurance provider in Nebraska, and the proceeds from the Senior Term Loan will be down streamed to BCBSNE in the form of a surplus note. This additional surplus will further strengthen BCBSNE’s already solid financial position as it advances its growth strategy across government programs.
BCBSNE is a member of the Blue Cross Blue Shield Association, which is comprised of over 30 plans and collectively provides healthcare coverage to nearly one third of all Americans. Founded in 1939, BCBSNE is the leading health insurer for group markets in Nebraska. The company generates approximately $2.6 billion in annual revenue and serves more than 600,000 members.
The Senior Term Loan was privately placed by a syndicate led by Synovus Bank.
Acrisure Re Corporate Advisory and Solutions (“ARCAS”) served as exclusive financial advisor to BCBSNE for this transaction.
Client Testimonial
“Acrisure’s responsiveness and reputation helped make this deal possible. Their preliminary work, connections, and due diligence guided us through our search for top quality partners that met our needs at favorable terms. Tom and his team walked with us through the entire process and helped us find the right deal and the right fit for our needs. I highly recommend Acrisure for anyone looking for a trusted advisor in this space.”
Acrisure Re Corporate Advisory & Solutions
ARCAS served as the exclusive financial advisor to Blue Cross Blue Shield of
Nebraska, providing: