The deal will see a team of 11 join the business
Ardonagh-owned MGA Geo Underwriting has branched into a new specialism with the purchase of the marine, leisure and marine trade book of business from Romford-based wholesale MGA KGM Underwriting Services.
As part of the deal, KGM’s 11-strong team – which has 40 years of specialist underwriting experience – will join Geo in order to launch a new marine and leisure underwriting specialism. This department will be headed up Tony Harris.
Speaking on the purchase, Harris said: “We are delighted to be joining Geo Underwriting and the wider Ardonagh Group for our next chapter of growth.
“It’s a credit to the hard work and dedication of the entire team in their efforts to strengthen our offering, systems and relationship with insurer partners while maintaining strict underwriting disciplines.
“Each line of business has grown in a challenging market by providing the service our broker partners demand from underwriters, who understand their specialty. We look forward to continuing to serve our valued broker partners, whilst growing and expanding the business within Geo Specialty.”
Currently, the marine and leisure team writes £8.5m gross written premium (GWP).
Moving forward, the marine and leisure team will join Ardonagh’s suite of MGA brands, operating within Geo Underwriting’s specialty division – this arm also has experts in liability, construction, terrorism, sports, leisure, entertainment, international property and legal expenses.
Nick Sharp, managing director of Geo Specialty, said the new team is a “natural fit” for Geo.
He continued: “Tony and the team have deep knowledge of these sectors and long-standing broker relationships, making them a natural fit for the Geo Specialty business.
“Together we are resolutely committed to providing brokers with easy access to high quality products backed by excellent service.”
Ardonagh’s chief executive of MGA binders and facilities Derek Coles added: “The addition of marine and leisure is a continuation of our strategy to enhance our niche sector underwriting expertise and further differentiate Geo’s offering to meet the demands of the market.”
In August, Geo bought construction and leisure specialist Thames Underwriting. The business has also purchased Rural Insurance in March, an agriculture cover specialist.