Brightside launches new MGA Kitsune backed by R&Q
UK broker Brightside Group has launched a new manging general agent (MGA) to write motor insurance backed by capacity provided by Randall and Quilter Investment Holdings.
The launch of Kitsune (the Japanese word for Fox) was flagged up in the third quarter of 2018 but the MGA has now started writing business.
It plans to roll out the offering to selected wholesale brokers during the first quarter of 2019. Its partners include RDT for Policy Administration and Rating Engine (on the Atlas Platform), Willis Towers Watson (Actuarial and Reserving Support), and CDL (policy fulfilment). WNS Assistance is responsible for claims handling.
Trevor Bowers, MD of Kitsune, said: “We have assembled a team of A list partners to deliver our vision of creating a virtual insurer. The Kitsune model combines high quality systems and hugely experienced people, with a heavy emphasis on new technology for data and analytics. Our aim is to deliver £20-25m of GWP within the next 12months.”
Besides Bowers, the executive team includes Bruce Coxwell (ex Ageas and Axa) as underwriting and pricing director, Martin Cornwall (ex Ageas) for systems development, and Chris Louch (ex-Slater & Gordon and Kennedy’s Solicitors) for claims management.
Bowers added: “In previous roles, we created a good reputation for building authentic relationships and portfolios with our brokers. We have built Kitsune on the basis of listening acutely to what our brokers need, and providing the service and attention they require.”
“Reaching out to brokers and making them feel special is not rocket science, but combining our TLC ethos with A-list partners, state of the art technology and an experienced team makes Kitsune a compelling proposition, especially in the personal lines market, where brokers will always need quality support for their panels to help them compete and thrive.”
He added that private car and commercial vehicle products will be rolled out to additional brokers on the CDL platform during Q1 2019, with commercial vehicle going onto Open GI before the summer.
“Diversification has been built into our operating model, both in servicing capability for more brokers and bringing new products onstream. A diversified, well managed portfolio is good for our partners and also good for capacity providers because it enables us to better manage profitability through the cycle.”
He added: “We will explore the addition of other lines, such as SME, Taxi, Minibus and Fleet, where we will look to support Brightside’s insurer panels, through the Group’s successful One Insurance brand.”
Brendan McCafferty, Brightside Group CEO, said: “I’m absolutely thrilled that Kitsune has launched. The MGA is a critical component in the future success of Brightside Group and will help fulfil our key strategic aims of building scale, exploiting digital technology and focusing on niches.”
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