MGA platform OneAdvent buys Modus Underwriting from CFC
MGA platform OneAdvent has acquired Modus Underwriting, a digital property insurance MGA, as it looks to strengthen its position in the landlord space.
The business was previously owned by CFC Underwriting and was purchased for an undisclosed amount.
OneAdvent will leverage Modus’ products, distribution and broking relationships, and will help Modus bring more specialist products to market.
The partnership is currently working on an online broker portal, TryModus, that will provide instant quotes to brokers and be up and running later this year.
OneAdvent CEO David Hill said: “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.”
Modus Underwriting was founded in 2015 and develops and distributes automated property products via its broker platform. It underwrites around £10mn ($12.4mn) in premium across several lines in the niche property space.
Modus director Scott Banks said: “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.”
OneAdvent’s largest shareholder is Ireland’s Abbey International Finance. OneAdvent encompasses a Lloyd’s broker, an MGA platform and a UK distribution business in London. The OneAdvent stable also includes insurance companies in Dublin and Malta and MGUs in the US.
SOURCE: Insurance Insider