Aventum buys specialist MGA data firm Mulberry Risk
Specialty re/insurance group Aventum has acquired Mulberry Risk, a boutique consultancy providing actuarial, analytical, exposure and capacity management services to MGAs.
Mulberry Risk offers actuarial services driven by automation and artificial intelligence to MGAs, helping them secure capacity by giving them an accurate and affordable analysis of portfolios to identify less profitable segments and make informed recommendations to improve overall underwriting performance.
As part of Aventum, Mulberry Risk has already been deployed across many areas of the group. The team works with the group’s $750 million re/insurance MGA Rokstone to develop exposure management strategies including new proprietary cat analysis and underwriting tools.
In partnership with Exponential, Aventum’s global delegated underwriting authority (DUA) service for coverholders and part of its broker Consilium, Mulberry Risk helps MGAs to secure capacity from the market with actuarial support and data science services (reserving, modelling and pricing).
David Bearman, chief executive officer of Aventum Group, said: “Yet again Aventum is breaking new ground on its way to the top. New digital technologies augmented with actuarial insights, offers real transformational change, and we’re thrilled to be the first to bring this model to the wider market. With our investment and leadership, and in partnership with other areas of our Group where we see synergies, Mulberry will revolutionise the MGA space. The potential for this has been there for a long time; what we’ve done is harness new technologies, and combined it with innovation and talent to make it a reality.”
David Hughes (pictured), chief executive officer of Mulberry Risks, added: “Joining the Aventum Group and their investment in us is hugely exciting – not only for us as a business, but in terms of what this means for the wider market. I cannot overstate the potential significance of what we are now able to offer MGAs to help them better compete and indeed outperform incumbent insurers.
“From securing the capacity, to helping them retain it for the long term, we’re now a powerful one stop shop for MGAs to help them grow their business exponentially. We built ourselves to be very different from the legacy of the actuarial consulting world. We embraced technology and used it to create something transformational for the insurance industry.”
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