Mercia Underwriting will open in January and the ex-LV= Broker head of trading (north) aims to poach LV= staff for his team
LV= Broker head of trading (north) Mark Hands is set to open new MGA, Mercia Underwriting, at the start of 2018.
It will open on 1 January. Circle Insurance has arranged its capacity.
Mercia will aim to offer a wider range of products than LV= and the insurer’s Birmingham office could be dealt a blow, as Hands intends to pick his new team from within it.
Hands himself has over thirty years of experience in the industry, having held senior roles at both NIG and LV= Broker.
Commenting on his ambitions for the new MGA, Hands said he wanted to ”create a business with the values of an old fashioned insurance company.”
Instead of driving brokers towards digital and online platforms, Hands will seek to stick to focus on doing business a more “traditional” way.
Hands commented: “Our highly experienced underwriting team is made up of empowered underwriters who are second to none when it comes to negotiating and trading with our broker partners both at inception and renewal. As insurers continually push brokers towards online trading models I firmly believe there is a real opportunity in the market for an MGA who does the basics well and underwrites business the traditional way.”
Mercia Underwriting’s product range will include Property Owners, Business Combined, Package, Professional Indemnity, Construction, Directors and Officers and multiple Marine products.
Insurance Times will be publishing the MGA report in February looking at the performances of leading MGAs in the UK market. If you are interested in obtaining the supplement or full report please register your interest at: https://www.surveymonkey.co.uk/r/MGA18