Mission Underwriters, a private company backed by private equity firm Altamont Capital, which backs underwriters wishing to form new MGAs, has reached an agreement to support a new team led by a former Covéa executive to launch a real estate MGA.
Ventis, to launch in January, will target small to medium-sized property risks, with a remit to find and capitalise on gaps in the property market up to and beyond £100k. It has agreed a long-term capacity commitment with Accelerant, the data-driven risk exchange connecting underwriters of specialty insurance with risk capital providers.
Ventis will be led by Gareth Roberts, who previously spent nine years at Covéa, managing its Mid-Market Specialist and Network division.
Adrian Morgan, CEO, Mission Underwriters, said: “Our remit is to provide long-term capacity along with regulatory, compliance and back-office support to winning teams of talented underwriters with a drive to find and fill gaps in provision within major insurance markets. Gareth and his team have a laser focus, not only on underwriting in more neglected corners of the SME and mid-size property market, but also on delivering same day personal service to their brokers.”
“We are big believers in the MGA model, and our commitment is to providing entrepreneurial MGAs with the capacity and tools they need to succeed,” said Accelerant co-founder Chris Lee-Smith. “We’re excited to see what opportunities Gareth and team will unlock for the UK property market.”
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