Howden’s specialist motor MGA backed by Zurich strikes new acquisition deal
KGM Underwriting, a specialist and niche motor insurer that is part of the A-Plan Group which operates under Howden following its 2020 acquisition, has broadened its portfolio with a deal to buy a managing general agent (MGA) catering for specialist and higher rated motor insurance.
KGM is acquiring Eridge Underwriting Agency, following on from the transfer of Aurum Underwriting’s specialist and high net worth motor business from DUAL Corporate Risks.
The new acquisition, expected to complete in May, will strengthen KGM’s broker product suite, now covering all private and commercial motor classes. KGM seeks to become a “flexible and agile alternative to the composite insurers”.
Upon completion, the combined business, backed by long-term and committed Zurich capacity, will underwrite £175 million GWP in 2022.
Matt Puttick, chief executive officer of KGM, said: “In the specialist and niche motor segments we serve, KGM offers a highly experienced and well-regarded team, backed with A rated solutions and service to our broker partners. Our personal service, underwriting agility and claims expertise is why they choose us.
“John and his team at Eridge share these attributes, have a great reputation in the market and together our combined product range makes for a highly compelling broker proposition.”
John Hamilton, chief executive officer of Eridge, commented: “I have known the KGM business and its Directors for over 20 years, and chose to join with KGM because I have consistently been impressed by its people-first values, entrepreneurial spirit and underwriting expertise.
“Despite very good offers from other companies, our shared values of exceptional service for brokers and their clients made KGM the obvious home for our business. I look forward to continuing our journey with the KGM team.”
