’This first acquisition is an important milestone for the business,’ says chief executive
Hybrid insurer Bridgehaven has set its sights on the European MGA market with the acquisition of Dublin-based insurer SureStone Insurance DAC.
SureStone has been in run off since the end of 2019, having specialised in a range of property and casualty risks.
Bridgehaven will transition SureStone into its first European subsidiary to underwrite EU risks via the MGA market.
Paul Jewell, Bridgehaven chief executive, said: “This first acquisition is an important milestone for the business.
“In under two years, we’ve built a business writing over £350m binder premium via our UK MGA partners and facility arrangements.”
Expansion
The deal, for an undisclosed fee, is subject to regulatory approval and customary closing conditions being met.
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Bridgehaven said it had made the move as the European MGA market is expected to grow to £50bn premium over the next three to five years.
Jewell said: “Going forwards, we will support MGAs who require EU commercial and specialty products across the 27 EU states.
“Our aspiration is to be the leading hybrid insurer supporting MGAs, linking quality reinsurance capital to a diversified and profitable portfolio.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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