A new managing general agency (MGA) platform was recently launched in London in partnership with insurance service provider Xceedance.
The new business, called NuVenture International, was formed by former Aon Underwriting Managers executive Andy Colbran (pictured), who will lead the firm as its first chief executive officer.
Read more: Xceedance names new chief business officer
In a statement, the firm said that it “leverages a proven and broad range of insurance-specific services to attract underwriting teams – and influence change in the MGA market, based on a culture of transparency with capacity providers.”
“With funding provided by NuVenture, founding underwriters will have a significant equity stake in their MGAs,” the company said in its statement. “Founders will have the opportunity to rethink the underwriting process, drive innovation, and reap the rewards of running their own business.”
“With the right investment in technology and extensive professional services support, I’ve long believed the MGA model can bring great value to brokers, capacity providers, and clients,” said Colbran. “Additionally, by using relevant data sources, MGAs can effectively streamline the underwriting process without compromising on quality. Our first MGAs will be operational within the next month and we want to build a pipeline of experienced underwriters and businesspeople to join NuVenture in the coming months and years. It’s an attractive proposition for entrepreneurial underwriters, who are eager to help transform the insurance ecosystem and excited about the opportunity to benefit from the value they create.”