Ex-Nexus boss launches new London-based MGA with PE-backing

A new international MGA headquartered in London has officially launched with the backing of private equity house BP Marsh.

Called Amiga Specialty, the new business is focused on writing specialty products on behalf of blue-chip insurers and reinsurers.

It aims to grow through a targeted buy-and-build strategy alongside organic growth, driven by new products sold exclusively through a broker network.

The firm was founded by Adam Kembrooke, the former US chief executive at Nexus Underwriting. He will serve as the MGA’s managing director.

“We are excited to launch Amiga Specialty at a time of tremendous opportunity within the delegated authority market,” Kembrooke said.

“Our independence, coupled with our strong financial backing, allows us to offer a distinctive proposition.

“Our goal is to create significant value through strategic acquisitions, complemented by organic growth driven by deep industry expertise and exceptional levels of service.”

Investment

Amiga Specialty launched with the help of BP Marsh, which has subscribed for a 49% shareholding in the MGA.

Through the deal, the private equity firm will provide a five-year £10m loan facility to the MGA, which will be used for its growth plans. Some £500,000 has already been drawn down.

Dan Topping, chief investment officer at BP Marsh, said: “BP Marsh are delighted to be backing Amiga Specialty and its experienced leadership at this early stage.

“Kembrooke brings deep sector knowledge in the specialty insurance market and a strategy for growth. We believe Amiga Specialty is well positioned to capitalise on opportunities available within the speciality market and we look forward to supporting their journey.”