Managing general agency (MGA) platform OneAdvent has acquired Modus Underwriting, a digital-first MGA focused on providing niche property insurance products to brokers across the UK, from CFC Underwriting.
The companies have jointly developed a pipeline of specialist products, including TryModus, an online portal that provides brokers with direct access to quotes, that will be launched later this year.
Scott Banks, director at Modus, said: “Joining OneAdvent is a hugely exciting move for Modus, just as we are about to launch a new range of online niche products. OneAdvent’s track record in building out innovative technology and developing niche insurance products is a perfect fit with our strategy and we’re looking forward to working with our new colleagues to provide our broker partners with some real game-changing solutions.”
David Hill, CEO at OneAdvent, added: “Modus will form the core of our niche product distribution business, with the whole Modus team bringing a wealth of experience in insurance distribution. We'll be investing in Modus' TryModus distribution technology platform and, in so doing, make products much more accessible to brokers. I'm hugely looking forward to working together to build out the Modus proposition and develop OneAdvent’s footprint in this space.”
OneAdvent, Modus Underwriting, MGA, Mergers & Acquisitions, Property insurance, Scott Banks, David Hill, UK