’The MGA market has shown significant resilience and growth over recent years,’ says new top boss
Tim Quayle has revealed his plans for OneAdvent after becoming the firm’s chief executive following a management buyout (MBO) earlier this month (5 September 2023).
Quayle, who had been the firm’s chief operating officer for more than six years, led the buyout as part of his plans to boost the firm’s UK and European market presence and product offering.
To achieve this, OneAdvent is set to use the funding raised from the MBO to broaden its ability to source and secure additional capacity for partners.
Quayle told Insurance Times that the MBO was a “landmark moment” for the specialist managing general agent (MGA) and broker services platform.
And as the firm’s new chief executive, Quayle said he was planning to continue delivering “excellent service at scale and broadening our offering”.
”We’ve assembled a strong management team who have a fantastic blend of experience from inside and outside the insurance industry,” he added.
”It’s an exciting time for OneAdvent following our MBO. The MGA market has shown significant resilience and growth over recent years and as a flexible and independent platform, One Advent is ideally positioned to support the launch and growth of ambitious insurance businesses.”
Meanwhile, OneAdvent’s former group chief executive and founder David Hill, who was also part of the investment team, will remain with the business as a non-executive director.
Hill was chief executive of the firm for more than six years and was previously the firm’s managing director.
“Since starting the business in 2000, we have been refining our offering and striving to be a partner that goes above and beyond,” he said.
”This is a fantastic opportunity for us to secure the future of our business and help accelerate the growth of our clients.”
Qualye added: “With the continuing growth of the MGA sector, we see a huge opportunity for a flexible independent MGA platform that understands what entrepreneurial underwriters and MGAs need to succeed.
“Whilst the MBO gives us the financial strength to broaden our market appetite and offering, we will maintain the identity and independent approach, which our existing MGAs and partners welcome and have come to rely upon.”
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