Re/Insurance Group Aventum Acquires Actuarial Consultant Mulberry Risk

Aventum, the London-based re/insurance group, has acquired Mulberry Risk, a boutique consultancy providing actuarial, analytical, exposure and capacity management services to MGAs.

Financial details of the acquisition were not disclosed.

Aventum said the acquisition brings an actuarial data revolution to Aventum and to the whole managing general agency (MGA) space by providing actuarial services driven by automation and artificial intelligence. Ultimately Mulberry Risk helps MGAs secure and keep capacity – giving carriers confidence in the quality and accuracy of an MGA’s data, with real time visibility of risks, and making leading actuarial services affordably available to the masses.

London-based Mulberry Risk typically works with MGAs that want to be data-led businesses. Using technology, they gain affordable access to better actuarial insight and services currently the reserve of the largest MGAs and insurers.

Mulberry aims to level the playing field by giving MGAs an accurate but quick and affordable analysis of portfolios to identify less profitable segments and make informed recommendations to improve overall underwriting performance. Ultimately, it helps MGAs to secure and keep capacity, Aventum explained.

New digital technologies augmented with actuarial insights offer real transformational change, “and we’re thrilled to be the first to bring this model to the wider market,” commented David Bearman, CEO of Aventum Group, in a statement. “With our investment and leadership, and in partnership with other areas of our group where we see synergies, Mulberry will revolutionize the MGA space. The potential for this has been there for a long time; what we’ve done is harness new technologies, and combined it with innovation and talent to make it a reality.”

“Joining the Aventum Group and their investment in us is hugely exciting – not only for us as a business, but in terms of what this means for the wider market,” said David Hughes, CEO of Mulberry Risks.

“I cannot overstate the potential significance of what we are now able to offer MGAs to help them better compete and indeed outperform incumbent insurers,” Hughes added. “From securing the capacity, to helping them retain it for the long term, we’re now a powerful one-stop shop for MGAs to help them grow their business exponentially. We built ourselves to be very different from the legacy of the actuarial consulting world. We embraced technology and used it to create something transformational for the insurance industry.”

Mulberry Risk has already been deployed across many areas of Aventum. The team works with the group’s $750 million re/insurance MGA, Rokstone, to develop powerful exposure management strategies including new proprietary catastrophe analysis and underwriting tools.

In partnership with Exponential, Aventum’s global delegated underwriting authority (DUA) service for coverholders and part of its broker Consilium, Mulberry Risk helps MGAs to secure capacity from the market with ground-breaking actuarial support and data science services (reserving, modeling and pricing), all rolled into one powerful in-house package.

Further developments earmarked for the investment include the development of ADA, the world’s first artificial digital actuary, to enable insurers to manage their portfolios of MGAs through the platform and getting near real-time performance metrics based on actuarial methods.

About Aventum

One of the fastest growing independent specialty insurance groups, Aventum trades more than US$1.1 billion GWP annually, with 14 offices globally. Through its re/insurance broking arm Consilium, and its global MGA operation, Rokstone, it offers clients a range of specialist and niche solutions in all lines of property & casualty re/insurance globally.

Source: Aventum

Topics Mergers & Acquisitions Reinsurance Insurance Wholesale