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DOXA Re Launches as Leading MGU in Property Reinsurance

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DOXA has launched DOXA Re, a property reinsurance managing general underwriter (MGU) specializing in quota share and proportional structures, aiming to enhance specialist underwriting expertise in the MGA and hybrid-carrier sectors.

This strategic venture is led by James Femia, who brings over two decades of experience from SiriusPoint and its predecessor, Sirius International Insurance Group. Femia's experience in handling diverse reinsurance structures, including E&S property treaties and start-up MGA programs, directly aligns with DOXA Re's target market. His integration into DOXA’s framework will leverage operational support, as the MGU builds its team of underwriting and analytics professionals.

Closing the Reinsurance Expertise Gap

In an era where MGA and hybrid-carrier programs are growing rapidly, the demand for specialized underwriting proficiency in quota share reinsurance is more critical than ever. Joe Guerrero, DOXA’s chief product and underwriting officer, underscored the need for expertise amid increasingly complex property transactions. However, the current market is constrained by a limited pool of qualified reinsurers, challenging carriers and brokers alike.

Market Trends and Challenges

The US reinsurance market has shown significant growth, with program carriers ceding $21.2 billion in premiums in 2025, marking an 18% rise, according to Gallagher Re’s 2026 MGA Market Report. Nonetheless, despite the market's expansion, whole-account quota share arrangements remain in their early stages. Reinsurers are increasingly prioritizing well-structured programs backed by strong analytics and consistent processes, as highlighted in Amwins' 2026 update.

Innovative Portfolio Development

DOXA Re aspires to build a diverse portfolio, targeting various products, client segments, regions, and risk classes through a delegated underwriting authority model. This approach promises to streamline interactions from submission to binding, reducing the common challenges faced by brokers and cedents when placing complex property programs proportionately. DOXA Re’s goal is not merely transactional but to create lasting partnerships through collaboration and shared success.

DOXA's Strategic Growth

Following its acquisition by Goldman Sachs Asset Management in late 2023, DOXA expanded through acquisitions, adding Jupiter Underwriting Group, Eaton Gate Group, and sealing the LimitFi deal in 2026. However, the launch of DOXA Re signifies a strategic pivot towards organic growth, developing a reinsurance offering from the ground up. This move is driven by the vision of engaging actively with a wide spectrum of clients, including traditional insurers, hybrid carriers, and MGAs, attracting entities that rely heavily on proportional property capacity.

James Femia described the operational strategy as "working property," emphasizing collaboration with cedents, brokers, and capacity providers for shared success.
— James Femia, DOXA Re

Implications for Industry Stakeholders

The introduction of DOXA Re is poised to impact several facets of the insurance industry:

  • Enhanced Expertise: Filling the reinsurance underwriting talent gap.
  • Streamlined Processes: Simplifying placement for complex property programs.
  • Diverse Portfolio: Engaging various client segments and risk classes.
  • Strategic Growth: Complementing DOXA’s acquisition strategy with organic development.

For insurance professionals, understanding DOXA Re’s role could provide insights into evolving market dynamics and potential opportunities to capitalize on emerging trends in the reinsurance landscape.