New MGA goes live to brokers

A new managing general agent (MGA) set up by the Movo Partnership has gone live to the independent broking sector, a statement released today (27 November 2023) said.

Moveda Underwriting will specialise in a range of commercial combined, property and liability solutions with limits of up to £5m.

To do this, the firm, which was announced back in May 2023 before launching today, has secured A-rated and B++ rated from AMTrust and Irwell.

Lea Cheesbrough, managing director at Movo, said: “The goal of Moveda is to provide independent brokers with specialist products built on market-leading expertise and service.

“We will achieve this by creating trust between ourselves, brokers and capacity providers.”

Market gap

Movo set up the business after finding a gap in the market where an MGA that was “focused on the needs of smaller, independent brokers” was needed.

Moveda will aim to close this gap by providing more choice and bespoke wordings to brokers, particularly in more restrictive areas of the small and medium sized enterprise (SME) market.

“It’s off to a great start, already on the way to achieving its first-year trading target of £1.5m GWP,” Cheesbrough said.

“[This is] thanks to our bespoke products, backed by high-rated financially secure insurers and delivered by a growing team of talented underwriters harnessing advanced policy administration technology.”