The new business aims to achieve £100m GWP within its first year of trading and will target both organic and acquisitional growth
Specialist Risk Group (SRG) has today (14 December 2021) launched a new MGA, MX Underwriting, fulfilling “a major goal” within SRG’s growth plans.
The intermediary has been acquiring underwriting businesses since its formation in January 2020 – this has included specialist MGAs GB Underwriting, CLS Risk Solutions and Blackrock Insurance Solutions, as well as healthcare specialist Lime Insurance.
Despite currently trading under their existing, separate brands, these businesses will come together under the MX Underwriting banner to form the foundations of SRG’s new MGA – they will all adopt the MX Underwriting name by the end of 2022 too.
MX Underwriting will be led by Lee Anderson, deputy chief executive of SRG, as well as James Gerry – GB Underwriting’s chairman who will move to be chair of MX Underwriting.
The MGA has already set out some core ambitions – it aims to achieve £100m gross written premium (GWP) within its first year of trading and will target both organic and acquisitional growth.
SRG also plans to use MX Underwriting to provide solutions to broker partners and clients across the European Union, which will enable the business to scale both its UK and European MGA operations.
Dynamic and people-focused
Speaking on MX Underwriting’s launch, Anderson said: “Since we launched Specialist Risk Group, it has always been a major goal to have our own specialist MGA. I am therefore thrilled that we have delivered on this goal at such an exciting time.
“MX Underwriting is a dynamic, people-focused and data driven business, led by highly experienced and specialist underwriters.
“Today, we bring together a group of over 65 outstanding underwriters and insurance professionals, who are passionate about what they do, who care about their brokers and clients and share the core values upon which we will grow.
“MX Underwriting enters the market by already placing significant GWP through our existing underwriting capability.
“We look forward to building upon this success, by welcoming new people and teams who want to be part of our exciting business.”