CFC Underwriting backed MGA launched
A new managing general agent (MGA), backed by specialist Lloyd’s MGA CFC Underwriting, has been launched.
Modus is the the brainchild of Simon Read, Scott Banks and Natasha Pettet– all former colleagues at e-Underwriting, a division of OIM.
It will specialise in underwriting and distributing auto-rating household, landlords’ and commercial products through software houses and direct to brokers in the UK. Capacity will be provided by several Lloyd’s syndicates.
CFC Underwriting, the majority investor in Modus, expects Modus to achieve £100 million annual GWP within five years.
Scott Banks, Modus director, said: “While we are appreciative of the opportunities that our previous employers have given us, we’re all entrepreneurs at heart and so we are tremendously excited to have the opportunity to develop and grow our own business.
“Our products are designed to provide a straightforward point of sale quotations for risks where other insurers either decline or require a manual referral. This enables our broker partners to increase their ‘quotability’, their conversion, their client service and, ultimately, their bottom line.”
David Walsh, managing director of CFC Underwriting, said: “Fusing technology with insurance to automate underwriting and processes is part of CFC’s DNA. Supporting the Modus team will help us explore exciting opportunities in the online distribution of insurance which can only enhance our own business model.”
