Two specialty MGAs merge after FCA approval

MGAs Nirvana and Pulse have completed their merger following regulatory approval from the FCA.

Pulse is a specialist in non-standard accident, health and life insurance, while Nirvana underwrites a global book of business across media errors and omissions (E&O), tech E&O, cyber and warranty and indemnity lines.

Nirvana said it was growing its business through a combination of organic growth, team hires and acquisitions – and the Pulse merger represents “the next phase of its strategic plan”.

The combined group has around 40 employees across offices in London, Norwich, Brackley in the UK, Barcelona, Spain, Brussels, Belgium and Zug in Switzerland.

“We are thrilled to have completed our merger and to be joining forces with Pulse,” said Kabir Chanrai, chief executive at Nirvana.

“This deal makes us an even stronger home for ambitious and experienced underwriters and enhances our ability to execute on both team hires and select acquisitions.”

’Important step’

Neither business plans any changes to its teams as a result of the transaction and brokers and clients will continue to work with their usual underwriter contacts without any disruption to service.

Rob Jones, executive chairman at Nirvana, said: “This is an important step forward for Nirvana and we are delighted to be joining forces with Pulse and their talented team to create this underwriting-first specialty MGA platform in the UK and Europe.”

Torquil McLusky, managing director at Pulse, added: “We are delighted to be coming together with Nirvana and look forward to building the business.

”Chanrai and Jones are great partners with whom we can achieve even more.”