Bridgehaven Insurance, a new hybrid-fronting carrier has officially launched following Prudential Regulatory Authority approval, along with the backing of Flexpoint Ford (Flexpoint), a private equity firm with significant experience within investing in the insurance sector.
The new carrier’s vision is to become the leading UK hybrid-fronting insurer of commercial & specialty lines, creating a relationship MGAs and reinsurers brought together by mutual trust and collaboration.
At the same time, Bridgehaven possesses an “innovative model” that fosters open dialogue amongst all partners, clearly emphasising the importance of each one’s role in the journey towards achieving growth and success.
The company supports MGAs and programme managers who have demonstrated a track record of profitable underwriting results and a focus on commercial and specialty risks. Therefore, by offering a flexible risk appetite, Bridgehaven aims to help them expand and reach their potential.
Elsewhere, Bridgehaven also considers itself as responsible for delivering the overall underwriting result, acting in the best interest of reinsurers.
By aligning with a number of select MGAs, all parties adopt a shared risk approach, which, when coupled with the model’s transparent nature, aims to ensure that reinsurers are informed about the risks they are undertaking, which will enable them to operate in the UK market.
Bridgehaven’s senior management team includes executives with a significant track record of building and operating insurance companies. Leading the firm will be Paul Jewell, Chief Executive Officer, a seasoned professional with over three decades of experience with global P&C insurance carriers and MGAs.
“We are tremendously excited about the potential of our model. Bridgehaven is here to redefine the UK insurance landscape through meaningful, collaborative partnerships with insurers, MGAs, and reinsurers. The hybrid-fronting model grants MGAs the freedom to focus on underwriting exceptional insurance products, whilst reinsurers can depend on Bridgehaven to manage the underwriting process,” said Jewell.
“In addition, having Flexpoint’s support will provide the capital and strategic advice needed to build a recognised provider in the UK insurance market.”
Chris Ackerman, Managing Partner of Flexpoint, commented: “We have studied the emergence of the fronting model for several years and are excited to partner with the Bridgehaven team to develop a much-needed fronting solution for the UK specialty commercial insurance market.”
Dominic Hood, Managing Director of Flexpoint, added: “We understand the challenges and needs of both MGAs and reinsurers and believe Bridgehaven can offer an independent solution built on modern technology.”
Furthermore, Flexpoint has developed an impressive track record of investing in the insurance value chain including regulated underwriting companies, program managers, reinsurance platforms, and distribution.
The company’s other current and former investments in the insurance industry includes Alera Group, American Strategic Insurance, GeoVera, Propel Insurance, SageSure, Vale Insurance Partners, VeriClaim, and TigerRisk Partners.
Howden Tiger Capital Markets & Advisory acted as financial adviser to Flexpoint. Mayer Brown LLP and Kirkland & Ellis LLP acted as legal counsel to Flexpoint Ford. Eversheds Sutherland LLP acted as legal counsel to Bridgehaven management and employees.
