OneAdvent, a platform specialising in MGA services, has announced a new partnership between one of its Managing General Agents (MGAs) and the hybrid fronting insurer Bridgehaven Specialty UK Ltd.
This collaboration will enable Bridgehaven to offer A-rated capacity for underwriting waste management and recycling risks.
It represents the first such partnership for the MGAs within OneAdvent’s platform.
Tim Quayle, CEO at OneAdvent, said: “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.”
While fronting has long been a staple in the US MGA market, it has recently started influencing MGA capacity strategies in the UK and EU.
This shift was a prominent topic at the recent MGAA conference, where Bridgehaven CEO Paul Jewell joined AXA CUO David Ovenden for a panel discussion on the subject.
Founded in 2023, Bridgehaven is the first UK hybrid fronting insurer to bring specialist capacity to the UK market for MGAs.
Their model seeks to build direct links between MGAs and reinsurers, fostering a collaborative risk-sharing environment that supports innovation and growth.
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.”
Criterion is the first MGA within OneAdvent’s platform to benefit from this new partnership with Bridgehaven. Launched in Australia in 2019, Criterion Underwriting has been serving the waste management and recycling markets in Australia and New Zealand.
In March 2023, the Criterion team expanded into the UK with OneAdvent, setting up an underwriting hub for the UK and European markets under the leadership of Stuart Kinsella.
With Bridgehaven’s support, Criterion now has the additional capacity needed to enhance its service to broker partners.
Stuart Kinsella, Underwriting Director at Criterion, said: “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.”
