DOXA Launches MGU for Property Quota Share Gap
DOXA introduced its new MGU, DOXA Re, which is focused on quota share and proportional structures, stepping into a segment where specialist underwriting expertise has struggled to keep pace with the growth of MGA and hybrid-carrier programs.
James Femia, president of DOXA Re, brings 22 years of experience at SiriusPoint and its predecessor, where he advanced from underwriting assistant to the head of US non-cat property reinsurance. His background in E&S property treaty, start-up MGA programs, and proportional structures aligns well with DOXA Re’s target market.
“DOXA Re addresses a growing need for specialty underwriting expertise in the quota share reinsurance marketplace,” said Joe Guerrero, DOXA’s chief product and underwriting officer. “As MGA and hybrid-carrier programs expand, property placements are becoming more complex, yet access to reinsurers with both the expertise and appetite to participate remains limited.”
US program carriers’ premium ceded into the reinsurance market rose 18% in 2025 to $21.2 billion, with total estimated MGA market premium exceeding $125 billion, according to Gallagher Re’s 2026 MGA Market Report. However, Amwins 2026 MGA marketplace update noted that whole-account quota share arrangements remain underdeveloped, with reinsurers becoming more selective, favoring programs that possess strong analytics and repeatable processes.
DOXA Re will build a portfolio across products, client segments, geographic regions, and multiple risk classes, combining delegated underwriting authority with workflows designed to support timely reviews and clear communication from initial submission through binding. The approach targets the practical friction points that brokers and cedents encounter when placing complex property programs proportionally.
DOXA has grown primarily through acquisition since Goldman Sachs Asset Management acquired the platform in late 2023. In 2026, the company acquired Jupiter Underwriting Group, closed the UK acquisition of Eaton Gate Group, and completed the LimitFi deal as part of its strategic expansion. Building DOXA Re from scratch rather than acquiring an existing reinsurance book is a departure from how the platform has grown elsewhere.
“Our approach reflects what I call ‘working property’: putting capital to work alongside cedents and collaborating with brokers and capacity providers so everyone at the table shares the success,” Femia said.
Its target client base, traditional insurers, hybrid carriers, and MGAs, covers the full spectrum of cedents seeking proportional property capacity, from established carriers managing accumulation to newer fronting and program structures that are entirely dependent on reinsurance participation.
