Asta launches new UK-based MGA ARTes Specialty
Lloyd’s third-party managing agent Asta has unveiled the launch of a new UK-based managing general agent (MGA) ARTes Specialty, specialising in portfolio management of UK and international speciality insurance programmes.
The new MGA, wholly owned by the founders and directors, is backed by private equity investment from Bermuda, and established in partnership with JPO Consulting, a boutique management consultancy operating in the financial services industry with specific focus on insurance/reinsurance.
Throughout 2022, as a Lloyd’s registered coverholder, ARTes will initially focus on underwriting a US inland marine specialty book with an estimated GWP of $20 million capacity. ARTes is looking to expand by furthering its plant and engineering underwriting footprint in South America and Australia, in addition to deploying a new UK specialty commercial combined facility focused on the leisure and hospitality sector.
ARTes has been collaborating with Asta via its flexible MGA platform, as well as seeking the specialist strategic and deal structuring advice from JPO.
Julian Tighe (pictured), chief executive officer of Asta, said: “We are thrilled to welcome ARTes as our latest MGA. Asta’s plug-and-play MGA platform perfectly accommodates ARTes’ needs as a newly formed business, and its flexible nature will enable them to embrace the new opportunities that are emerging in the market.”
Chris Thomas added: “Over the past year, with the support of JPO Consulting and Asta, we have been developing this MGA with the aim of creating strong and stable underwriting capacity programmes that produce profitable returns across the rating cycle. We will seek to deliver market-leading underwriting profitability while becoming an efficient, profitable and industry recognised business.”
Patrick Oldoni, founder and principal of JPO Consulting, added: “We are delighted to have supported ARTes’ principals in setting up this exciting MGA play. JPO Consulting, from conceptualisation to implementation, assisted Chris and Richard in defining a clear strategic path and helped facilitate the successful pursuit of their ambitions.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
