Backed by A+ rated Lloyd’s and companies market capacity, Nirvana Risk Partners is a specialist underwriting team focused on the media, technology and cyber sectors targeting organic and inorganic growth to fuel its expansion
London, 17 April, 2023: Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), is excited to announce its incubation partnership with specialty MGA Nirvana.
Nirvana is led by CEO Kabir Chanrai and Executive Chairman Rob Jones, together with Head of Europe Thomas Mannsdorfer and experienced Sector Underwriter Glenn Crickmar. The business was established in 2017 as part of Castel Underwriting agencies (Castel), and the incubation partnership with Pro MGA Global Solutions follows Nirvana’s successful management-led buyout (MBO) from Castel in March 2023.
Nirvana’s insurance portfolio encompasses media liability; film and television liability; technology liability; and cyber liability developed for all sizes of business from SMEs to larger corporates. Nirvana has ambitious plans to grow into a diversified service- and underwriting-first MGA through hires and acquisitions of existing MGAs.
Pro MGA Global Solutions will provide regulatory, operational and technical support to help the team at Nirvana continue their successful growth.
Kabir Chanrai said: “Nirvana’s goal is to deliver insurance solutions that span the full risk spectrum, and as we move onto the next phase of our growth, we are focused on expanding the innovative global package of media and technology liability products we have developed through both organic and inorganic channels.
Following the buyout, we are looking for a seamless transition to an independent MGA, and we are very pleased to be partnering with Danny and team, who I’m confident will apply their leading technical expertise to continue to enable the global vision of our business.
This is a very exciting time to be launching Nirvana independently, and I’m looking forward to driving ahead with our underwriting first and service first mindset. With Pro MGA Global Solutions’ expert support, we can stay focused on pursuing our long-term growth strategy and delivering valuable solutions to our clients.”
Danny Maleary, CEO of Pro MGA Global Solutions, added: “It’s a pleasure to work with the entrepreneurial Nirvana team who have so successfully built out the business focusing on innovative and profitable cyber, media and technology liability products.
Here at Pro MGA Global Solutions, we have extensive experience of the Lloyd’s and London company markets across a wide range of disciplines in brokers, service providers and insurers, as well as highly relevant experience in the MGA arena across the companies market and international platforms.
I’m looking forward to bringing the full strength of our network to bear to support the strong growth that is on the horizon for Nirvana in a sustainable way by providing a platform with full regulatory oversight and operational support. This will empower the high caliber Nirvana team to focus on what they do best: developing innovative products that help solve real world challenges for their clients.”
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About Nirvana Risk Partners
Enjoying long standing partnerships with some of the most recognisable global media and technology organizations, Nirvana are leading experts in media and tech insurance in London and internationally. Nirvana Risk Partners was founded by Rob Jones in 2017 as a trading division within the Castel Underwriting Agencies platform.
Based in the London Insurance Market, Nirvana’s underwriting capacity is provided by A+ rated Lloyd’s syndicates and insurance company capacity.
Nirvana’s infrastructure is built upon the tried-and-tested foundations of the Castel MGA underwriting platform.
For more information, please visit: http://www.nirvanarisks.com/
About Pro MGA Global Solutions
Pro MGA Global Solutions is an independent incubation partner that scales with clients’ ambitions. Pro MGA Global Solutions offers both entrepreneurial support – including set up, guidance and regulatory oversight that enables MGAs to flourish – together with operational support including underwriting oversight expertise and regulatory platforms that enable MGAs to trade.
For more information, please visit: https://pro-global.com/pro-mga/
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This article is published with the kind permission of Reinsurance News
There has been a significant increase in reinsurers’ appetite wanting to specialise in reinsuring insurer’s delegated authority portfolios. With both parties aligning their interests they have now effectively become one risk capital partner, a change that Pro MGA Global Solutions (Pro MGS) CEO, Danny Maleary, has seen starting to develop and “long overdue”.
Pro MGS, part of Pro Global, is a Managing General Agency (MGA) incubation partner which provides a platform and services to assist new and developing MGAs, offering a faster and more cost-effective way for them to get up and running.
In conversation with Reinsurance News, Maleary shared his views regarding the current state of the MGA market, as well as the growing changes he has observed are developing in the market involving reinsurers.
“Generally speaking, the MGA market is robust, as robust as I’ve ever known it to be. It continues to be so despite what’s going on in the world, from an economical perspective,” said Maleary.
“I’m seeing a lot of healthy, good quality opportunities, very thought through and measured in their approach. Very data driven, very thoughtful and mindful of delivering profitability to all their key stakeholders. I think that the sector at the moment continues to grow and we’re seeing a continued uptick of opportunity across the globe.
“This is not just in the UK, but also Europe, the US and other territories as well. We’re also finding more and more, perhaps underserved countries, starting to embrace the MGA to enable insurance products to be obtainable by customers. These are exciting times!”
The resilience of MGAs is thanks to their flexibility, Maleary explained, as they have to be nimble and able to change and mirror both what the market and customers want and need.
Over the last five years, he has also seen reinsurers participating more in the creation of MGAs, when traditionally, they would usually not be as involved.
Maleary said: “Lately, when I look at some of my MGA clients, a number of them also have got reinsurance platforms. They’re confident that they have not only created MGAs, the vehicle to deal with the customer, but that they are also creating a reinsurance platform as a follow reinsurer to the lead reinsurer that supports their portfolio which’s being insured by the insurer.
“That has started to drive, I think, a significant appetite from a number of reinsurers wanting to specialise in reinsuring insurer’s delegated authority portfolios. This year in particular, I’ve seen quite a few opportunities where the insurer, with their reinsurer, has come to us with an MGA opportunity.
“So the MGA, the insurer and the reinsurer are all aligned and it’s quite interesting to see how that is starting to develop now, whereas perhaps six or seven years ago it was about just the MGA and the insurer, the reinsurer was over there somewhere, never really getting that involved.”
Maleary believes that this change has happened because reinsurers want to do more business in the delegated authority space.
He noted that, especially towards the end of last year, reinsurers appear to have been stimulated to think a little bit more laterally, and more focused around the world of delegated authority (MGAs) to enable them to think more strategically around what they should be doing with their insurer partner.
“This is quite exciting, because now, for once, I’m in a room not just with my MGA client and the insurer that’s supporting them, but also the reinsurer. So we’re all aligned here in terms of the risk appetite and the quality of data that flows from the MGA through the insurer to the reinsurer,” Maleary explained.
“This real alignment of interest, even though it’s in its early days, is building up. And it’s not that insurers and reinsurers are blending together, but are considered as one risk capital partner.
“As they align they are enabling the MGA to possibly write more business because the reinsurer partner of the insurer that supports the MGA is happy for the insurer to, perhaps, quota share more out to the reinsurer. Therefore to be able to write more business. So I see more reinsurers now talking to me about MGAs.”
By working together as one, reinsurers also bring with them their data and analytical side, with which they have more experience compared to insurers, according to Maleary.
“Averaging years and tens of hundreds of years perhaps, of reinsurance knowledge and data management right at the front end, only enhances probably everyone’s journey. Which is another factor that I see why reinsurers have started to get more and more involved.”
“Therefore, bringing them together as one risk capital partner enhances the MGAs proposition and relevance, and allows all parties to be more successful,” he highlighted.
The CEO added: “Insurers and reinsurers have strong points and weak points, but collectively they are much stronger rather than working as individuals. That is where I’m seeing significant opportunities now which bring significant value-add to the market.
“Historically, the insurer-reinsurer relationship was really geared towards catastrophic type of losses or catastrophe type of businesses. Currently I’m sort of looking at what that was like, and I’m almost seeing a version of that and a reiteration of that in the delegated authority space.
“This is quite refreshing and I do feel that as we go through 2023 and into 2024, even though we are in early stages, I can see more and more of that taking place. I can see the reinsurer playing a much stronger and important part in the delegated authority space than they do today.
Maleary concluded: “Change is happening now, it has been long overdue; and I believe that in the next two to five years this is going to become the norm. Change is also bringing some interesting thought provoking ideas, some great innovations and great entrepreneurialism, and some great partnerships.”
The original article can be accessed here.
London, 1st March, 2023: Pro MGA Global Solutions (Pro MGA), the independent managing general agent (MGA) incubation division of global re/insurance trusted advisor Pro Global Holdings Limited (Pro), is pleased to announce that it is extending its partnership with UK-based Calibrant Limited (Calibrant)
Calibrant specialises in the portfolio management and oversight of delegated authority business, partnering with both carriers and MGAs with the aim of creating and maintaining long-term, multi-year capacity provision.
Pro MGA Global Solutions has been working with Calibrant since its launch in 2021 providing the turnkey solution and appointed representative status that supported its successful and compliant growth to date.
In February 2023, Calibrant received full FCA authorisation, with the Pro MGA team providing support throughout the process and enabling Calibrant to trade in a regulated environment. Having reached this milestone, Pro MGA is pleased to extend its relationship with Calibrant and will provide compliance support and regulatory horizon scanning services in 2023 and beyond.
Danny Maleary, CEO of Pro MGA Global Solutions, said: “We are delighted to have supported Calibrant through their start-up and incubated the business into a fully authorised firm and now extending the partnership with Calibrant. Our unique turnkey services provided the company with the necessary regulatory oversight to ensure it was compliant with FCA regulations.
The partnership between Pro MGA and Calibrant highlights the importance of a regulatory framework in the MGA sector and the need for turnkey services that support the sustainable and successful growth of MGAs across their chosen territories and classes. Pro MGA’s blend of business and technical skills is tailored to support MGA teams and promote sustainable growth and we look forward to continuing to support Calibrant in the next stage of its development.”
Simon Pollack, Managing Director at Calibrant, commented: The strength of Pro MGA’s compliance support and appointed representative framework were key factors in our decision to partner with them in 2021. Due to the strength and success of the last two years we are pleased to extend our relationship as we embark on our journey as a directly authorised firm. We are looking forward to continue working closely with the team at Pro MGA, exploring new opportunities and continuing to benefit from their compliance support structure”.
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London, 21st February, 2023: Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), is delighted to announce its partnership with Casper Specialty UK Limited and Casper Specialty Europe GmbH (“Casper”), which was announced today and launches 1 March as a new specialist MGA, focused on the casualty market.
Focused on financial lines and professional lines risks backed by long-term capacity support from Argenta, Casper plans to underwrite a significant portfolio of casualty business from 1 March 2023. Headquartered in London, it will also be structured to write European business thanks to the regulatory and trading frameworks provided by Pro MGA Global Solutions.
The business will be led by Bradley Knight. Over a 36 year career, Bradley has established himself as one of the most highly regarded casualty underwriters in the London Market. Most recently he was Deputy Active Underwriter & Head of Casualty Insurance at Argenta. Bradley will join the board of Casper as CEO once regulatory approval has been obtained. He will be supported by Simon Sykes, currently CEO of Polo Managing Agency and Polo Commercial Insurance Services, as COO, and Hugh Sprowson, previously Head of FI at Argenta, as CUO.
Bradley Knight said: “We’re hugely excited to launch Casper to the market. The casualty market is undergoing dynamic change as it looks to adapt to factors such as high inflation and a more challenging economic environment; myself and the team believe that there is a significant opportunity to offer carriers a proven underwriting partner that can enable them to access the opportunities these market conditions present.”
“As a newly formed MGA, we will also look to put data at the heart of how we do business, offering real time access to our capacity partners giving them greater visibility over business written and underwriting performance. We are also delighted to have agreed a partnership with Argenta, building on the existing deep relationship. We look forward to beginning our growth journey with the support of our investors and market partners.”
Danny Maleary, CEO of Pro MGA Global Solutions, added: “Casper addresses the strong growth in demand for innovative, reliable and efficient solutions in the financial and professional lines sectors by applying fresh thinking and a scalable business model. Underwriting in the UK and Europe is only possible with the right regulatory frameworks and operational support – critical strategic elements which Pro MGA Global Solutions is bringing to the table to empower Casper’s sustainable growth going forward.
We’re excited and proud to have been selected to support the launch of Casper at this pivotal moment – as an independent MGA incubator we will partner with Casper, providing forward-thinking regulatory oversight and our unique and proven blend of business and technical skills tailored towards supporting the talented Casper team as they grow.
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Shaun Linton, Head of Client Engagement at Pro MGA Global Solutions, discusses the advantages of working with an MGA, and how these benefits are helping shape a positive future for this growing sector
If our experiences at Pro MGA are anything to go by, growth in the MGA sector has been accelerating over the last two years, and it’s showing no signs of slowing down. Wherever you look in the UK, Europe or North America, MGAs are expanding and new firms are coming into the market. This is being fuelled by a combination of factors, including a drive from investors and insurers looking for returns on capital, which together with the need for greater control over staffing and technology costs is resulting in us seeing nearly double the volume of monthly enquiries.
The reason for this uptake is clear; MGAs are an all-weather distribution channel, valuable to insurers in both hard and soft markets; they are able to ‘test the waters’ with certain classes of business; and what’s more, thanks to their focus on innovative technology – which is now centre stage for MGAs – MGAs can provide exceptional service to policyholders and stakeholders in any given class of business, giving them that extra competitive edge.
But these aren’t the only advantages that MGAs offer. In terms of technology adoption and exploitation , particularly in rating hard-to-price risks, MGAs are free from legacy systems and their subsequent “tech debt” (the inefficient and duplicative processes that often plague them). What’s more, MGAs have no legacy book to distract or divert resources from managing their business – a win-win for stakeholders.
When opportunity calls
For insurers, supporting MGAs in classes of business not currently written, or those with more effective means of management, via technology or differentiating distribution channels, can be a positive move for them. In an environment where differentiation and relevance are key, not only could such a partnership help them access new distribution channels and products they otherwise would not benefit from, but it would provide them with access to strong data and analytics – a must for anyone operating a business in today’s business climate.
Of course, there are always new developments and potential disruptive situations that MGAs need to be mindful of, including servicing failures, varying business volumes, and regulatory demands – especially when venturing down the route of raising capital to create reinsurance vehicles. But with so many positives to list, it is fair to say that despite these possible hurdles, the outlook for MGAs is an optimistic one, and as long as the sector continues to differentiate itself via technology, innovation and distribution methods, I am confident that demand will continue for many years to come.
Name: Shaun Linton
Job title: Head of Client Engagement, Pro MGA Global Solutions
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