Xpekt led by former KGM underwriting chief Colin Hart
Markerstudy aims to expand into classic cars and specialist motor by injecting £25m capacity into a managing general agency led by former KGM underwriting chief Colin Hart.
Hart was active underwriter for KGM, the Lloyd’s motor underwriter that ran into trouble and was sold by Gibraltar-based Perseverance to Canopius in 2010.
Markerstudy group underwriting director Gary Humphreys said Hart had good contacts and the expertise to make a success of his MGA, called Xpekt.
Humphreys said: “All the people Hart has spoken to in the initial phase have welcomed him with open arms, which is great.”
Markerstudy has a number of projects on the go. It has launched an aggregator-only product under Zenith, teamed up with Motaquote to crack the elderly telematics market, and is currently working on its own real-time quote software proposition for brokers.
Humphreys said motor could be tricky in 2012. “The danger is that all the good work could be quickly undone if people start seeing issues on volume. We are not going to chase rates down, that’s for sure.”