Specialty MGA Hires Simon Woodage to Build North American Property Treaty Portfolio

Veteran Treaty Specialist Joins Specialty MGA

Specialty MGA, the managing general agent arm of MNK Group, has appointed Simon Woodage as Senior Underwriter for North American Property Treaty, handing him the mandate to build a new portfolio in the treaty reinsurance space. Woodage arrives with nearly four decades in the market, most recently leading a major North American Property Treaty account at Brit Insurance and serving as Divisional Director at BMS Group, where he managed significant treaty relationships.

His brief includes shaping the underwriting strategy, establishing the portfolio from scratch, and cultivating long-term ties with insurers and brokers. MNK Group Chairman Manoj Kumar underscored Woodage’s blend of underwriting and broking experience, calling him “ideally placed” to grow this new line for the firm.

Woodage himself cited Specialty MGA’s ambition and adaptability as key draws, noting that in a cyclical market like North American Property Treaty, the ability to respond pragmatically matters. He intends to partner with insurers that view reinsurance as central to their strategy and whose own specialist knowledge can support the underwriting approach.

What Woodage’s Appointment Signals for the North American Treaty Market

Why Specialty MGA Is Betting on a Proven Builder

By hiring someone who has already built a treaty portfolio from the ground up – at China Re, Woodage played exactly that role – Specialty MGA is signalling it wants speed to market and immediate credibility. Rather than acquiring an existing book, it is betting on organic growth led by a known practitioner. This reduces integration risk but raises the execution bar: success hinges on Woodage’s ability to replicate past launches in a market where capacity and relationships are fiercely contested.

North American Property Treaty: A Market That Rewards Judgment Over Models

Woodage’s remark that “modelling remains an important tool, but underwriting judgement and strong relationships will continue to be central” is telling. In a hard or transitional market, primary insurers often seek reinsurers who can understand nuanced risk profiles rather than rely solely on capital models. Specialty MGA is positioning itself as a hands-on, relationship-driven counterpoint to purely quantitative capacity providers – a stance that could attract cedants frustrated by rigid renewals.

Winners and Losers in the Near Term

The immediate winners are insurers seeking new long-term treaty capacity; they now have an additional source in a concentrated market. Broking houses with established ties to Woodage may benefit from his move. The losers, if any, are incumbent treaty writers who may lose a portion of future placements to this new entrant. However, given Specialty MGA’s early stage, the competitive impact is limited until the portfolio demonstrates staying power and consistent returns.

What Insurers and Brokers Should Watch For

• Insurers looking for long-term property treaty partners should monitor Specialty MGA’s capacity deployment in the next renewal cycle, especially if they value relationship-driven underwriting over pure model output.
• Brokers with existing relationships with Simon Woodage may have an early-mover advantage in placing business with the new portfolio; outreach in the coming months could secure dialogue.
• Competing MGAs and treaty writers should track the pace at which the portfolio scales; a rapid build, akin to Woodage’s earlier success at China Re, would signal that the market values a blank-canvas approach in today’s cycle.