Marsh is broking for the new business, while Asta Underwriting Management will provide operational services
Specialist managing general agent (MGA) BPB Underwriting Management (BPBUW) has launched its own underwriting agency, focused on nurturing niche MGA businesses.
Its executive team will be led by chairman Jonathan Palmer-Brown, chief executive John Holm, chief operating officer Margaret Ryan and executive director Robin Blunt.
The firm’s strategy is to build out a number of specialist niche MGA subsidiaries, with key underwriters holding a meaningful equity stake in their own MGA business.
This announcement comes at a time when the capacity for MGAs is being squeezed.
BPBUW’s focus is on recruiting the highest performing underwriters who have a track record of profitability and strong market following.
The business also has an active pipeline of high quality MGA businesses and anticipates it will make further announcements of new MGAs in the coming months.
Chairman Jonathan Palmer-Brown said: “It is an exciting time to be building an insurance business focused around high quality underwriting talent with an outstanding track record. As market conditions firm, the opportunities are substantial for underwriters with the right skills, experience and distribution network. BPBUW has a strong pipeline and we are looking forward to seeing other excellent underwriters start up and build their business under the BPBUW umbrella in the coming months.”
Palmer-Brown added that BPBUW is proud to be supporting David Ashby Underwriting, a buy-out of an equine book from MS Amlin, as the first MGA the firm has brought to the market; it started underwriting on 1 January 2020. He said the firm is “an excellent business”.
It is led by David Ashby, who is one of the market’s leading bloodstock and equestrian underwriters. The organisation is also a Lloyd’s coverholder with capacity provided by MS Amlin and Hiscox.
Asta Underwriting Management will provide operational services to BPBUW and Marsh will provide the broking.
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