PRESS RELEASE: MGA platform and innovation incubator OneAdvent acquires niche property insurance provider Modus
Leading MGA platform OneAdvent today announced its acquisition of Modus Underwriting Ltd., a digital-first MGA focused on providing niche property insurance products to brokers across the UK.
Following its 2018 acquisition of Flood Excess, another specialist insurer in the property sector, OneAdvent has sought to further develop its offering of non-standard products for UK brokers. Today’s acquisition strengthens OneAdvent’s position as a significant player in the landlord space, through Modus’ suite of innovative products, proven distribution and brokering relationships.
Established in 2015 to bring cutting-edge technology to traditional insurance disciplines, Modus has built a reputation for forward-thinking, data-driven products. It’s a strategy shared by OneAdvent, and the synergy between the two parties presents brokers with a powerful new proposition.
The two businesses have been working together in advance of the acquisition to jointly develop a pipeline of specialist products that boost the Modus offering. TryModus – an online portal that provides brokers with direct access to quotes – will be the first such innovation OneAdvent will help bring to market later this year.
Modus Director, Scott Banks, 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.”
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyds broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.
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