By Ryan Hewlett

June 16 - (The Insurer) - XS Global is targeting more than $700 million in gross written premium in 2025, the Miami-headquartered group told The Insurer, as the MGA looks to capitalise on its global hub build-out following a senior leadership reshuffle.

The MGA is understood to have passed the $500 million premium threshold in 2024, and has now generated more than $1.5 billion in GWP for its carrier partners since launching in 2017.

XS Global, part of the privately owned Rainmaker Group, expects to generate more than $1.2 billion in GWP annually by 2028, fuelled in part by the company’s international expansion, which has extended its reach into London, Europe and the Middle East, as well as the U.S.

Growth will be overseen by founder and executive chairman Gabriel Holschneider Osuna, who has returned to the helm of the group as CEO following the departure of Jorge Luis Cazar.

Cazar, the former Argo and Chubb leader for Latin America, joined XS Global as CEO in 2020 but is understood to have stepped away from the company to spend more time with his family.

“We wish to thank Jorge for his service. We wish him all the best in the future,” the MGA said in a statement to The Insurer.

XS Global has built significant bench strength following a series of key hires, including the appointment of former AIG Asia Pacific CEO Steven Barnett as CEO for Asia.

Barnett’s arrival follows the arrival in September last year of ex-Swiss Re Latin America executive Newton Queiroz as country manager for XS Global's Brazil business.

XS Global also bolstered its advisory board in May last year with the appointment of industry veteran and former Chubb executive Tim O’Donnell.

This came after XS Global launched a London operation – led by co-founder and chief commercial officer Steve Jackson – to serve as a springboard for the MGA to access and support its existing Middle East operation as well as oversee the launch of an Iberian and North African presence.

More recently, the MGA bolstered its alternative risk transfer and parametric capabilities with the hire of former Cooper Gay and Meteo Protect executive Gabriel Gross.

Asia, Europe, the Middle East and North Africa have previously been flagged as key growth areas for XS Global as it looks to expand globally.

“We’re now writing 15 lines of business across over 100 countries and we’re continually seeing attractive business in Asia and new opportunities from the Middle East and North Africa,” said Holschneider, pointing to the MGA's new operation in Hong Kong and recently launched casualty offering.

Holschneider emphasised the importance of the group’s risk-bearing DNA, noting that Rainmaker’s reinsurer subsidiary Eureka Re shares in the risk alongside XS Global’s capacity providers.

Rating upgrades for Barbados-domiciled Eureka Re have also opened doors to enter new markets. The reinsurer, which writes a share of every risk written by the MGA, is now rated A-minus by both AM Best and Fitch and is registered in 17 territories including China.

“We take a slice of each risk that comes through XS Global. That’s good for our capacity partners and our clients who collectively benefit from that enhanced transparency and alignment that the combined companies provide one another,” he said.

XS Global’s panel includes Tokio Marine Kiln, Everest Re, QBE, Arch, Apollo and Patria.