Specialist Risk Group (SRG), the London-based insurance broker, announced the acquisition of the managing general agent, The Medical Professional Liability Co. Ltd. (The MPLC), subject to regulatory approval.
Financial terms of the deal were not disclosed.
This latest acquisition is a continuation of SRG’s strategy of building out its underwriting business, MX. The deal continues to demonstrate SRG’s commitment to the broker and underwriting intermediary market, by investing in specialist underwriting capability and technical expertise.
Based in Gibraltar and London, The MPLC has been providing medical professional liability insurance and reinsurance solutions through a network of UK and international brokers for over 20 years. Specialist cover is provided to a wide range of clients, ranging from national government organisations and associations to large and small healthcare organizations.
The MPLC team will join SRG’s MGA business, MX Underwriting, which was launched in December 2021. Since its launch, MX has grown significantly both organically and through the acquisition of specialist MGAs, now nearing its target of handling £100 million GWP. Its underwriting specialists provide a range of solutions to broker partners and clients internationally, across property, liability, and specialist lines which include rights of light, ownership and use, and land legacy.
MX recently announced the appointment of Ian Cook as its managing director. Cook was previously portfolio managing director at SRG and sits on the group executive committee.
“Building a market-leading MGA capability remains a key element of SRG’s strategy. So, we are delighted to welcome The MPLC, as we continue to build an underwriting team of technical capability and expertise,” commented Warren Downey, group CEO of SRG said.
“MX goes from strength to strength under the leadership of Ian Cook, providing our broker and capacity providers access to a brilliant team of underwriting professionals,” Downey added.
“The MPLC is a great fit with MX Underwriting, providing us with a new underwriting specialism across international medical professional liability,” said Lee Anderson, SRG Deputy Group CEO.
“John Young, Matthew Sawyer, and the underwriting and claims teams are highly respected underwriters, claims managers, and true specialists in their expertise. They will add significant value to the MX team as we continue to scale and build our underwriting capability both in the UK and internationally,” Anderson continued.
“The MPLC is delighted to join SRG and MX Underwriting. The MPLC shares the same cultural values and a commitment to service excellence. The MPLC will continue to provide our brokers and healthcare clients with a client-focused service,” according to John Young, founder and managing director of The MPLC.
“Access to MX Underwriting wider product lines and SRG resources will enable The MPLC to enhance our products, service, and offering to our UK and international healthcare clients,” Young said. “The MPLC’s focus on underwriting a profitable business portfolio on behalf of the Lloyd’s Syndicates, which have supported us for over 20 years, remains at the heart of our long-standing commitment to providing underwriting and claims management expertise.”
Source: Specialist Risk Group (SRG)
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