PRESS RELEASE: Additional Capacity ‘a Huge Win’ for Thriving Financial Lines MGA
OneAdvent’s Financial Lines MGA forges ahead with its growth plans by securing additional capacity with Barbadian reinsurer, Active Re.
Recent successful negotiations with reinsurer, Active Re, have resulted in the provision of a DUA to OneAdvent to write Financial Institutes and Commercial D&O on a facultative reinsurance basis. The new facility will complement the Financial Lines MGA’s existing facilities and will primarily be deployed to write SME and mid-market sized companies in emerging markets.
OneAdvent launched its specialist Financial Lines MGA in August 2019 and has gone from strength to strength. Initially focussed on Financial Institutions, the team now offers comprehensive coverage across several major verticals, including Commercial D&O. The MGA also launched on the Whitespace trading platform at the end of 2020, enabling more flexibility and security in the current remote working environment. The newly secured additional capacity will allow the team, headed up by Roberto Murru, to grow the existing portfolio, whilst developing and launching complementary products and new classes of business.
Roberto Murru commented;
“This new partnership will be integral to the building out of our Financial Lines proposition. In the hardest market we have witnessed in over 35 years, we know there is lots of opportunity out there and this increased capacity, thanks to Active Re, will enable us to take advantage of that”.
Active Re, which international rating agency AM Best has just revised the outlooks to “Positive” from “Stable” and reaffirmed the Financial Strength Rating of “A-” (Excellent) and the Long-Term Issuer Credit Rating of “A-” (Excellent), started providing delegated authority to MGAs in 2018 and has since established several successful partnerships with London based MGAs.
Robert Blair Ali, Deputy COO of Active Re said;
“As we venture into the Financial Lines space, the experience and capabilities of the OneAdvent underwriting team will be key to our success. We are delighted to be working with them as they continue on their upward trajectory.”
For all media enquiries, please contact Sophie Farrow on [email protected].
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyd’s 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. With over 50 years’ experience in underwriting Financial Lines the team offers comprehensive coverage across a number of major verticals.
About Active Re
Active Capital Reinsurance Ltd commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America, and it has a general insurance and reinsurance license issued in Barbados. The company specializes in reinsurance products for financial institutions, namely fraud, theft, loss for credit and debit cards, credit, credit life, and surety bonds, among others. With a Financial Strength Rating of A-(Excellent), Active Capital Reinsurance Ltd business profile continues to evolve, as it now writes a broader portfolio of coverages over a number of property/casualty lines of business.