The firm has also incorporated Guernsey-based 1Edge Insurance, with the aim of expanding the group’s capabilities for IFAs and brokers

Technology-based financial services group Stubben Edge has acquired Genesis Special Risks (GSR).

Lloyd’s broker GSR, which was founded in 2002 and is based in London, provides wholesale insurance and reinsurance across a wide range of specialist products – including guaranteed asset protection, assistance and extended warranties.

The deal builds on a partnership of several years between the two firms – with GSR providing products for Stubben Edge’s platform – and supports the group’s growth ambition of securing over 1m live policies by the end of 2022.

GSR managing director Nick Howard and his team will join the group as part of the move.

“We are very excited to be a part of the onward journey with Stubben Edge, bringing the knowledge and expertise of the team – combined with GSR’s broking heritage – into one of the UK’s most exciting FinTech businesses,” said Howard.

New opportunity era 

In addition to acquiring GSR, Stubben Edge has incorporated Guernsey-based 1Edge Insurance PCC.

The move aims to offer brokers and affinity partners insurance products specifically tailored to their needs.

1Edge will also be able to set up captive propositions and offer protected cell management.

Stubben Edge Group chief executive Chris Kenning said: “We’re very excited to combine our strengths with GSR to provide the highest-quality insurance products and to establish 1Edge to equip brokers and IFAs (independent financial advisers) with a wider selection of entry points into the market.

“With these developments, we will continue to build strong relationships with clients – tailoring products to their specific needs.”

Gavin St Pier, non-executive director of 1Edge, meanwhile, said: “1Edge brings the expertise of Stubben Edge Group and the opportunities of insurtech to Guernsey.

“We aspire to be a dynamic player in Guernsey, creating an era of new opportunities for insurance on the island.”