KGM Underwriting Services has acquired Eridge Underwriting Agency, a Managing General Agent (MGA) catering for specialist and higher rated motor insurance, which is expected to be completed in May.
The acquisition is expected to strengthen the KGM broker product suite and maintain its focus on being the flexible and agile alternative to the composite insurers.
The transaction follows from the transfer of Aurum Underwriting’s Specialist and High Net Worth Motor business from DUAL Corporate Risks to KGM, broadens the KGM offering to its highly regarded network of brokers.
Now covering all Private and Commercial Motor classes, the business is cemented as a leading provider of niche and specialist motor solutions.
The combined business, backed by long-term and committed Zurich capacity, will underwrite £175m GWP in 2022 and continue innovating with broker partners to grow in a highly sustainable way.
John Hamilton, CEO of Eridge, commented: “I have known the KGM business and its Directors for over 20 years, and chose to join with KGM because I have consistently been impressed by its people-first values, entrepreneurial spirit and underwriting expertise.
“Despite very good offers from other companies, our shared values of exceptional service for brokers and their clients made KGM the obvious home for our business. I look forward to continuing our journey with the KGM team.”
Matt Puttick, CEO of KGM, added: “In the specialist and niche motor segments we serve, KGM offers a highly experienced and well-regarded team, backed with A rated solutions and service to our broker partners.
“Our personal service, underwriting agility and claims expertise is why they choose us. John and his team at Eridge share these attributes, have a great reputation in the market and together our combined product range makes for a highly compelling broker proposition.”
