Amwins, a global distributor of specialty insurance products and services, has announced a new minority investment in Rhodian, an Australian start-up MGA incubator.
Rhodian was initially formed in response to what it describes as the “ever-changing” Australian agency environment.
The firm states that barriers for newcomers to the market are becoming significantly more challenging, meaning a reduced flow of entrepreneurial talent entering the market.
The Australian start-up’s goal is to empower these future industry leaders to build agencies that will deliver to the intermediated market with strong products, new technology and a transparent data-sharing philosophy that drives positive change.
Scott Purviance, CEO at Amwins, commented, “Amwins brings significant expertise and experience in the development of MGA offerings. Alongside shared cultural values and an independent structure, this partnership provides access to qualified capacity across multiple product lines, putting Rhodian in a prime position for accelerated and sustainable growth.”
Simon Lightbody, CEO at Rhodian, said, “We are excited to partner with one of the world’s leading independent insurance firms. Amwins has a strong and impressive culture, which aligns with our vision.
“We believe that together we can ensure the Australian agency market continues on its trajectory toward being the strongest supplier of niche products to broker markets.”
Peter Takos, CUO at Rhodian, added, “Underwriting agencies are playing an ever-increasing role in delivering strong insurance products to Australia’s broker networks.
“Part of our focus is to match both domestic and international capacity with the strongest agency product offering, ensuring the evolving needs of broker clients can be met in a sustainable way.”
Mark Cody, managing director of Amwins Global Risks, concluded, “This is another great example of Amwins Global Risks bringing new and exciting MGA opportunities to the market.
“AGR is one of the largest London brokers specialising in delegated authorities and capacity building, with over $2 billion of premium flow annually.
“We are truly a global broker, and this provides great diversification in territory and class of business. We are excited to work with Rhodian and assist them as they look to build out this innovative business, attracting ‘best in class’ talent.”
