+Simple and GMBC join forces to target European MGAs
+Simple, the European digital insurance distribution platform for small businesses, and GMBC, a tech-enabled master MGA and reinsurance platform, have a strategic merger, which they claim will accelerate their growth in what they call a buoyant European MGA market.
+Simple has acquired 100% of the share capital in GMBC through a combination of cash and stock. GMBC’s co-founders, Martin Brumberg and Sergey Grazhdankin, remain as the executive team of GMBC and become shareholders in +Simple. GMBC will retain its branding, with the master MGA management unit continuing to trade as 20AGENTS.
+Simple said the deal strengthens its ability to provide MGA management to its risk carriers which includes inter alia technical and financial accounting, reporting, cash management and compliance. The firm’s risk carriers and reinsurance partners will now get access to online portfolio performance monitoring and be able to utilise an integrated European underwriting approach, the company said.
In turn, the deal allows GMBC to offer its master MGA management approach to international and local insurers and reinsurers seeking to develop insurance distribution with a lean cost structure and a high degree of risk controls either through +Simple or GMBC’s independent MGA clients.
“This acquisition marks a new era of seamless integration, increased efficiency and extended capabilities for our businesses,” said Eric Mignot, chairman and founder of +Simple. “By leveraging GMBC’s unique data management platform, we can offer a superior level of transparency and control to our insurance and reinsurance partners. It is also fantastic news for our clients, so we can expand our capacity to address complex and multiform risks for their activities.”
Sergey Grazhdankin, co-founder and managing partner of GMBC, added: “A combination of +Simple and GMBC is a rare match. Together we can benefit from multiple immediate synergies and unlock abundant potential for further scalability and growth. We are very pleased to join forces with +Simple’s team as we share the same culture of innovation and delivering top-class product to our clients.”
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