OneAdvent, the London-based managing general agency platform, has secured additional capacity for its financial lines MGA from Barbadian reinsurer Active Re.
Active Re has granted delegated underwriting authority to OneAdvent to write financial institutions and commercial D&O on a facultative reinsurance basis. (The capacity levels provided by Active Re were not disclosed).
The new facility will complement the MGA’s existing financial lines facilities and primarily will be deployed to write small-and-medium-sized enterprises and mid-market-sized companies in emerging markets.
The additional capacity will allow the team, which is led by Roberto Murru, to grow the existing portfolio, while developing and launching complementary products and new classes of business, said OneAdvent in a statement. (OneAdvent operates as an MGA platform, Lloyds broker and niche product distribution business).
OneAdvent launched its specialist financial lines MGA in August 2019, which has expanded its focus from financial institutions to comprehensive coverage across several major verticals, including commercial directors and officers (D&O) insurance.
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.
“This new partnership will be integral to the building out of our financial lines proposition,” said Murru. “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.”
About Active Re
Active Capital Reinsurance Ltd. commenced operations in 2007, mainly providing credit-related reinsurance solutions to financial institutions in Latin America. It now specializes in reinsurance products for financial institutions, including fraud, theft, loss for credit and debit cards, credit, credit life, and surety bonds. Active Re has a general insurance and reinsurance license in Barbados and a Financial Strength Rating of “A-” (Excellent) and Long-Term Issuer Credit Rating of “A-” (Excellent) from AM Best. The company started providing delegated authority to MGAs in 2018 and has since established several partnerships with London-based MGAs.
Source: OneAdvent
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