BPB UW Management Ltd (BPBUW) has launched an underwriting agency focused on nurturing individual MGA businesses.
Its executive team is led by Chairman Jonathan Palmer-Brown, CEO John Holm, COO Margaret Ryan and Executive Director Robin Blunt.
BPBUW’s business strategy is to build out a number of specialist niche MGA subsidiaries, with the key underwriters in each holding a meaningful equity stake in their own MGA business.
BPBUW said there is an absolute focus on recruiting only the highest performing underwriters with a first-class track record of profitability and strong market following. BPBUW said it has “an active pipeline of high-quality MGA businesses and anticipates it will make further announcements of new MGAs in the coming months.”
Asta Underwriting Management Ltd will provide operational services to BPBUW, with Marsh providing broking for the business.
David Ashby Underwriting Ltd. (DAU), a buy-out of an equine book from MS Amlin, is the first MGA BPBUW has brought to the market. Led by David Ashby, one of the market’s leading bloodstock and equestrian underwriters, it is a Lloyd’s coverholder with capacity provided by Lloyd’s insurers MS Amlin and Hiscox. David Ashby Underwriting started underwriting on Jan. 1, 2020.
“It is an exciting time to be building an insurance business focused around high quality underwriting talent with an outstanding track record,” commented Palmer-Brown.
“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,” he added.
“We are proud to be supporting David Ashby Underwriting Ltd as our first MGA, David has an excellent business, and I am confident that he will be successful right from the start.” The launch of DAU by London-based re/insurer MS Amlin was announced on Jan. 13.
DAU’s capacity is provided 50:50 by MS Amlin and Hiscox. In 2020, its first year of underwriting, DAU expects its GWP to total approximately £25 million ($32.5 million).
Source: BPB UW Management Ltd.