Solicitors’ professional indemnity specialist Pelican has been sold by Asta.
Asta has sold Pelican Underwriting to Manchester Underwriting Management (MUM), boosting its solicitors’ professional indemnity market share.
This is the first time that Asta has sold an MGA.
Pelican, which specialises in writing solicitors’ professional indemnity, has been managed by Asta since it launched in 2015.
MUM chief executive Charles Manchester identified solicitors’ professional indemnity as a “challenging area,” adding that he feels there is “nobody better at it” than Pelican.
Manchester continued: “We already have a major position in the UK and international PI market and Pelican will be accretive to that, fitting perfectly into the group as MUM, too, focuses on top quality service and underwriting.”
Jay Bowey, director of Pelican Underwriting, said: “Whilst it is business as usual at Pelican Underwriting, I am hugely excited to be joining the MUM team and am thoroughly looking forward to working in an environment where Pelican can grow and continue to focus on offering the specialist services our clients need.”
Munich Re subsidiary Great Lakes will continue to provide capacity for Pelican after the sale.