The market has ‘historic issues with poor risk management and large losses’, says underwriting director

Specialist managing general agent (MGA) and broker services platform OneAdvent has launched a new MGA with the aim of plugging a “gap” in an “critically underserved recycling sector”, according to a statement released today (23 January 2024).

MGA Criterion will underwrite cover for waste management, recycling and mining businesses across the UK, Australia and the Republic of Ireland.

In the UK, the business will be led by underwriting director Stuart Kinsella.

Kinsella said the “recycling market is critically underserved from an insurance perspective and has historic issues with poor risk management and large losses”.

“Criterion has assembled a team of experts in this complex class of business to create a sustainable recycling product underpinned by the best technical underwriting standards and technology,” he added.

“Our proposition will centre around best-in-class customer service and fast turnaround times to help brokers to build lasting relationships with the market and their clients.”

Kinsella previously headed Rokstone Underwriting’s waste and recycling property team, before leaving in October 2023.

‘Complex’ business class

As part of the statement, OneAdvent committed to expand Criterion’s operations to the USA and Canada in the “near future”.

The business is backed by Australian managing general underwriter Criterion Underwriting and OneAdvent has stated it will support Criterion with the “vital regulatory, compliance and business oversight” needed for its launch.

OneAdvent chief executive Tim Quayle said: “The current market presents a clear opportunity for a provider like Criterion to make its mark with a quality offering backed by experts.

“It’s an incredibly complex class of business that requires a fresh approach. We were impressed by Stuart’s clear plan to build long-term relationships with insurer partners and brokers and Criterion’s flexible approach to underwriting.

“We’re very excited to provide support for their successful launch.”