London market casualty vet launches new MGA with Cinven-GIC backing
A new specialist managing general agent (MGA) focused on the casualty market has been launched in London with the backing of global private equity firm Cinven and GIC, Singapore’s sovereign wealth fund.
Casper Specialty UK, the newly formed MGA, will operate independently as a sister entity of re/insurance broker Miller with capacity support from Argenta. It will begin writing business from March 1, 2023.
The business will be led by Bradley Knight, who has over 36 years experience as a casualty underwriter in the London Market. Most recently, Knight was deputy active underwriter & head of casualty insurance at Argenta.
Bradley will join the board of Casper as CEO once regulatory approval has been obtained. He will be supported by Simon Sykes, currently CEO of Polo Managing Agency and Polo Commercial Insurance Services, as COO, and Hugh Sprowson, previously Head of FI at Argenta, as CUO.
Casper is launching with the support of independent MGA incubation platform Pro MGA Global Solutions, which is providing regulatory frameworks and operational support to empower Casper’s sustainable growth going forward.
Headquartered in London, it will also be structured to write European business. It will underwrite a broad range of FI and professional lines. The business plans to underwrite a significant portfolio of casualty business.
Cinven and GIC invested in Miller in 2021 and the establishment of Casper, as part of the broader Group.
Knight said: “We’re hugely excited to launch Casper to the market. The casualty market is undergoing dynamic change as it looks to adapt to factors such as high inflation and a more challenging economic environment; myself and the team believe that there is a significant opportunity to offer carriers a proven underwriting partner that can enable them to access the opportunities these market conditions present.”
“As a newly formed MGA, we will also look to put data at the heart of how we do business, offering real time access to our capacity partners giving them greater visibility over business written and underwriting performance. We are also delighted to have agreed a partnership with Argenta, building on the existing deep relationship. We look forward to beginning our growth journey with the support of our investors and market partners.”
Ian Burford, Argenta Group CUO, said: “We are delighted to support the launch of Casper and build on our existing relationships. Our multi-year partnership provides Casper with meaningful capacity for its programmes. The Casper team’s proven expertise in the specialist casualty market is clear and we look forward to working with them as they seek to build a high-quality and profitable portfolio, as well as further deepening our relationship with the wider Miller Group.”
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