Specialist MGA services platform, OneAdvent, today announced a new partnership between one of its MGAs and hybrid fronting insurer Bridgehaven Specialty UK Ltd (Bridgehaven), in a deal that will see the insurer provide A-rated capacity to underwrite waste management and recycling risks. This collaboration marks the first such arrangement for OneAdvent’s platform MGAs.
Fronting has been a successful feature of the US MGA market for many years and, over the last 18 months this model has made its mark on UK and EU MGA capacity decision-making. The merits of fronting insurers versus traditional capacity were a hotly debated topic at the recent MGAA conference with Bridgehaven CEO, Paul Jewell sitting on a panel discussion with AXA CUO, David Ovenden.
Founded in 2023, Bridgehaven is the first UK hybrid fronting insurer to bring capacity to the UK market for specialist MGAs. By facilitating direct relationships between MGAs and reinsurers, they are looking to create a collaborative risk-sharing model that promotes innovation and growth.
The first of OneAdvent’s MGAs to benefit from a partnership with Bridgehaven is Criterion. Criterion Underwriting was established in Australia in 2019, servicing the Australian and New Zealand waste management and recycling markets. In March 2023 the Criterion team launched their UK MGA with OneAdvent to create an underwriting hub for the UK and European markets, led by Stuart Kinsella. With existing strong relationships with reinsurers, Bridgehaven provided the missing piece in the puzzle to provide quality capacity to their broker partners.
Tim Quayle, CEO at OneAdvent commented on the partnership:
“We are really excited by the opportunities the newly established UK hybrid fronting model presents to MGAs on our platform. This deal with Bridgehaven has brought new capacity to the waste management and recycling market to help Criterion differentiate itself. We hope this is the first of many fronted binders for our specialist MGAs.”
Paul Dilley, Chief Underwriting Officer at Bridgehaven added:
“We see a huge opportunity with OneAdvent and are delighted to be supporting Criterion as they develop their specialist re-cycling insurance offering. We are on a mission to reshape the future of insurance and relationships like these are integral to delivering that.”
Stuart Kinsella, Underwriting Director at Criterion commented:
“In recent years the insurance market has struggled to meet the increasing demand and complexity of waste and recycling service providers. With the new Bridgehaven capacity we will address this need with significant line sizes and risk appetite, bringing new and responsive solutions to this complex and dynamic market.”
ENDS
For further information please contact :
Matt Beasley, Full Circle Communications
T + 44 (0)20 7265 7887
E [email protected]
Notes to Editors
About OneAdvent
Focused on getting insurance businesses to market – and fast – OneAdvent brings its sector expertise and technical know-how to bear for forward-thinking insurance businesses around the world. Collaborating with established industry players and entrepreneurial start-ups alike, we help our clients turn innovative ideas into genuine success stories.
We’re committed to challenging the status quo in a traditional, highly-regulated environment. With continued investment in our business and an empowering, hands-off approach, we’re ready to take advantage of the changing face of insurance. Bringing agility, flexibility and creativity to the market, OneAdvent is the industry’s innovation accelerator.
About Criterion Underwriting
Criterion Underwriting was founded as a solution to a prevalent gap in the market for a provider with a niche focus and a tailored approach to insurance product delivery in specialist industries.
These lines include waste management, recycling and mining business across core territories including the UK, Australia and New Zealand.
About Bridgehaven
Bridgehaven fronts for a broad range of reinsurers, partnering them to MGAs, and ensuring all interests are aligned through retaining risk. We’re the first fronting insurer that is authorised, regulated and fully capitalised in the UK.
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