NuVenture launches to attract insurance underwriting talent

NuVenture International, a new London-based MGA platform, has been formed by industry veteran Andy Colbran in a strategic partnership with Xceedance.

NuVenture said it combines underwriting expertise with the benefits of modern technology and has a “robust framework to establish a diverse portfolio of MGAs”, focused on a wide range of insurance products and sectors.

The platform leverages a broad range of insurance-specific services to attract underwriting teams and “influence change in the MGA market, based on a culture of transparency with capacity providers”.

With funding provided by NuVenture, founding underwriters will have a significant equity stake in their MGAs. NuVenture said founders “will have the opportunity to rethink the underwriting process, drive innovation, and reap the rewards of running their own business”. To achieve their objectives, founders and teams can leverage proprietary, MGA-customised technology from NuVenture, offering capacity providers "seamless connectivity and 24/7 access to their underwriting data". NuVenture MGAs are supported by centralised professional services.

“With the right investment in technology and extensive professional services support, I’ve long believed the MGA model can bring great value to brokers, capacity providers, and clients,” said Andy Colbran, CEO, NuVenture. “Additionally, by using relevant data sources, MGAs can effectively streamline the underwriting process without compromising on quality. Our first MGAs will be operational within the next month and we want to build a pipeline of experienced underwriters and businesspeople to join NuVenture in the coming months and years. It’s an attractive proposition for entrepreneurial underwriters, who are eager to help transform the insurance ecosystem and excited about the opportunity to benefit from the value they create.”

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