Plans to ramp up promotion of wholesale broker in the regions
Manchester Underwriting Management (MUM) has bought professional indemnity Lloyd’s Broker Senior Wright Indemnity, Insurance Times can reveal.
Senior Wright Indemnity (SWI) is a £2.3m brokerage specialising in wholesale professional indemnity, directors’ and officers’ and financial risks for regional brokers going into the London Market. Within professional indemnity it has a particular specialism in construction.
All 21 members of staff from SWI including directors Nick Bender and Glenn Gostling will transfer to MUM and remain based in a separate office. They will continue to act as independent brokers placing business into the market on behalf of regional brokers, the company said.
Independent MGA MUM bought the company from Senior Wright Limited. Minority owner Hiscox also sold its share.
The acquisition is the first broker MUM has bought since it began trading in 2010.
MUM chief executive Charles Manchester said: “There is a natural link between Senior Wright Indemnity Limited and MUM. The acquisition means the group can provide a range of services to our brokers, not just in the UK but also internationally.
“Quality is vitally important to us and Senior Wright Indemnity Limited has a fantastic reputation. We can now work with Nick and Glenn to build on this and provide brokers and clients with the best service possible.”
MUM began trading in the UK and Ireland and last year started writing London Market international business.
Bender said: “We are very pleased to become part of MUM. Senior Wright Indemnity Limited prides itself on service and quality. We want to be able to offer our brokers and clients an even better service.
“It isn’t just about speed but sensible, accurate advice and being able to access the right markets.”
SWI made a pre-tax loss of £36,473, including the payment of £160,000 in management expenses to parent company Senior Wright Limited.
Its brokerage shrank slightly from £2.4m to £2.3m.
“The profits can be grown,” director Richard Webb added. “They’ve got a very good reputation, so it’s a case of going out to the UK brokers and actually making them aware of the good service that’s available to them from Senior Wright. At the moment they are perhaps not fully aware.”