Carl Beardmore, former head of BMS Group, has launched a new managing general agency (MGA) called Aurous Risk Partners that aims to improve the way reinsurance transactions are captured, delivered and processed.
Aurous Risk Partners is a joint venture between OneAdvent and Aurous’ management team that will focus initially on international specialty reinsurance, including energy, property, aviation, and political violence & terrorism.
Aurous said that it believes OneAdvent’s bespoke MGA platform will be a strong contributor to its success.
Beardmore, who will act as Chief Executive Officer (CEO) of Aurous, was also instrumental in the design and launch of Pioneer Underwriting.
He commented: “Our novel independent MGA will be differentiated through preferred access to desirable premium, unique data insights, and the ease by which we transact business.”
“Underpinning these capabilities will be our evolving reservoir of multifaceted capacity embracing all forms of capital including alternative capital,” Beardmore continued. “Other’s talk about providing professionalism, world class underwriting, and solutions to client’s needs. These are no longer differentiators – they’re entry tickets to the party – in effect, representing more of the same.
“We believe that the vision, experience and relationships of the team at Aurous, aligned with the support of OneAdvent, creates a compelling proposition driven by the vision to make transacting reinsurance easier, more effective, and less costly”.
Aurous commenced operations mid-September and has appointed Neil Templeman as Chief Financial Officer (CFO), who has prior experience setting up MGAs and aligning the right type of capacity around underwriters.
Templeman commented: “We aim to provide our underwriters with a complimentary pool of capacity constructed from all forms of available capital. We want to ensure the best matches are made between risk and capacity. Matches that are truly in the client’s best interests.”
David Hill, Managing Director of OneAdvent, also stated: “We are excited about the launch of Aurous. The sector needs to challenge the way in which premium is acquired and transacted to ensure adequate returns can be made from prevailing premiums, while at the same time enhancing client service. Carl and Neil have the proven track record and vision to make this happen.”
Aurous aims to be underwriting from January 2019 and will be announcing key underwriting appointments shortly.