Augment Risk has appointed Lucy Carter (pictured above) as partner for its MGA practice, the latest hire in the reinsurance broker's push to build a dedicated team spanning the US and Europe.
Carter joins from BMS Group. She has spent 19 years in US insurance and reinsurance markets and has been based in the country for the past four years, with more than 15 years of experience in accident and health coverage.
In the role, she will connect program businesses with capacity providers and reinsurers through what the firm calls capital-aligned solutions. The approach structures transactions around a client's capital position rather than placing off-the-shelf reinsurance products.
The appointment is the second MGA-focused partner hire for Augment Risk in roughly four months. In December, the firm named Magnus Heimann to a similar role covering Europe, after he served as chief underwriting officer at Accredited Europe. Augment Risk said at the time that Europe's MGA sector had reached a new stage of scale and maturity.
The two hires give the firm dedicated MGA partners on both sides of the Atlantic, at a time when the sector is expanding rapidly. BMO Capital Markets estimates the global MGA market grew 19% in 2025 to roughly $94 billion.
S&P Global Ratings has pegged direct premiums written by MGAs at more than $114 billion in 2024, or about 11% of the US property and casualty market.
Founded in mid-2023 with up to $100 million in backing from private equity firm Altamont Capital Partners, Augment Risk bound $1 billion in premium in its first year. CEO Andrew Matson said in a podcast interview earlier this year that the firm had since grown to approximately $1.6 billion in placed premium with just under 50 staff.
The firm operates across the US, UK, Bermuda, the EU, and the Cayman Islands, with dedicated divisions for parametric specialty products and insurance-linked securities.
Augment Risk said the hire comes as program businesses face decisions around capital and distribution that demand technical depth and established market relationships.
