US-based Pro Global makes its pitch to offer insurers access to new markets as it enters UK insurance distribution sector
Pro Global Insurance Solutions has made its first foray into the UK distribution sector with the acquisition of Vibe MGA Management.
Vibe will be rebranded Pro MGA Solutions following the acquisition.
Vibe is the the MGA incubator business of Vibe UK Holdings, the owner of Lloyd’s managing agent Vibe Syndicate Management.
The transaction is expected to complete in Q2 when the existing team, led by chief executive Danny Maleary, will transfer to Pro.
As part of the agreement, Pro will provide MGA services to Vibe Syndicate Management to support the growth of its core underwriting business.
Artur Niemczewski, chief executive of Pro, said of Vibe: “Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients.”
He further added: “The MGA sector has developed rapidly in recent years, and Vibe’s senior team has extensive experience of operating in this entrepreneurial and dynamic market, supported by a network of expert service providers.”
Pro said it was looking use the resources of both firms to establish modern distribution channels for insurance products. The firm said it wants to help insurers and capital providers interested in accessing new markets.
Vibe launched in 2017 and has launched five classes of business, including cyber and new technology, over the last 18 months.
Maleary added: “Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro’s overall proposition to their customers. This is a great opportunity and we are very much looking forward to joining the Pro team.
“After two very successful years at Vibe we are all very excited with this move, which is a terrific fit with Pro and expands our proposition.
“Being a part of Pro, we can now offer a much broader scope of solutions and geographic coverage, including the US and Continental Europe, and we look forward to providing innovative solutions to entrepreneurs, carriers and investors.”
Terms of the transaction, which remains subject to regulatory approvals, were not disclosed.
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