Analysis

Derek Coles: UGL Insurance’s chief executive talks ‘recalibrating’ after completing ‘three years in one’

By 2025-12-11T08:00:00

Derek Coles UGL

’We’re like a chameleon, or a leopard that can change its spots – we can be different things to different markets and that’s what gives our business flexibility,’ chief executive tells Insurance Times

Derek Coles is certainly no stranger to the upper echelons of insurance organisations, with over 30 years of experience across underwriting, MGAs and service providers. 

So when it was announced in October 2024 that Coles had lead a management buyout (MBO) of then Ardonagh-owned Uris Group and selected assets from Belfast-based MGA Midas Underwriting, there was an expectation that the newly independent business – now known as UGL Insurance – would make a success of itself.

And now, over a year on, Coles tells Insurance Times that there is a need for some ”recalibrating” following a better than expected anniversary. 

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