New MGA enters market with ‘ambitious’ £100m GWP target in first year
Specialist Risk Group (SRG) has launched a new managing general agency (MGA), which is aiming to underwrite £100 million GWP business within its first year of trading.
MX Underwriting has “ambitious plans” to grow both organically and through the acquisition of specialist MGAs. It will be able to provide solutions to broker partners and clients across the European Union, enabling SRG to scale both its UK and European MGA operations.
The MGA will be led by Lee Anderson (pictured), deputy chief executive officer of SRG, and James Gerry, chairman of MX.
Since its inception in January 2020, SRG has acquired 10 businesses, including specialist MGAs GB Underwriting, CLS Risk Solutions and Blackrock Insurance Solutions. These three businesses will come together with LIME Insurance to form a foundation of MX Underwriting.
SRG’s current MGA businesses will continue to trade under their existing brands until the end of 2022, at which point they will trade as MX.
Anderson said: “Since we launched Specialist Risk Group, it has always been a major goal to have our own specialist MGA. I am therefore thrilled that we have delivered on this goal at such an exciting time. MX Underwriting is a dynamic, people-focussed and data driven business, led by highly experienced and specialist underwriters. Today, we bring together a group of over 65 outstanding underwriters and insurance professionals, who are passionate about what they do, who care about their brokers and clients and share the “core values” upon which we will grow.”
“MX Underwriting enters the market by already placing significant GWP through our existing underwriting capability. We look forward to building upon this success, by welcoming new people and teams who want to be part of our exciting business.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.