DOXA has launched DOXA Re, a property reinsurance managing general underwriter (MGU) 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 (pictured) joins as president of DOXA Re, having spent his entire prior career at SiriusPoint and its predecessor Sirius International Insurance Group, where he rose from underwriting assistant to head of US non-cat property reinsurance over 22 years. His book there spanned E&S property treaty, start-up MGA programs, and proportional and per-risk excess of loss structures. That background maps directly to what DOXA Re has described as its target market. Femia will report into DOXA’s existing operational infrastructure, which will support the MGU as it recruits underwriting and analytics professionals.
“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.”
Premium ceded by US program carriers 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. Despite that volume, the Amwins 2026 MGA marketplace update noted that whole-account quota share arrangements remain a developing concept rather than a widely adopted solution, and that reinsurers have grown more selective, favoring programs with strong analytics and repeatable processes, according to the same Amwins update.
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 to fund its expansion strategy. In 2026 alone, DOXA acquired Jupiter Underwriting Group in April, closed the UK acquisition of Eaton Gate Group in October, and completed the LimitFi deal in July. 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.
DOXA Re’s target client base - traditional insurers, hybrid carriers, and MGAs - covers the full spectrum of cedents seeking proportional property capacity, from established carriers looking to manage accumulation to newer fronting and program structures that depend on reinsurance participation to function at all.
