Nirvana, a managing general agent (MGA), has launched in London after acquiring Nirvana Risk Partners, – a leading media, tech and cyber underwriter, from MGA formation platform Castel Underwriting Agencies in a management buyout.
Backed by a number of leading insurance carriers, Nirvana has been set up by Founding Directors Kabir Chanrai and Rob Jones.
Chanrai contains a strong background in insurance-focussed private equity, while Jones has 25 years of underwriting expertise in the London and global markets, including at Hiscox, as well as a portfolio management role at AXIS Capital.
Jones formed Nirvana Risk Partners in 2017 as a division of the Castel Underwriting Agencies MGA formation platform.
Nirvana is focused heavily on the London Market, as well as serving clients’ risk needs through its broker partners.
65% of its business comes from North America, however the company does have plans to grow footprint in both the US and Europe, as it begins to attract underwriters and add new products.
The firm currently underwrites across media, technology and cyber risk classes, but plans to branch out further in the future through organic growth, team hires and acquisitions.
“This is an exciting time to be launching the platform. We have fantastic backers, an ‘underwriting first’ mindset, and are building a company with a unique culture. We have backing from well-known, professional investors who are committed to a long-term holding period, in addition to significant committed capital to pursue our growth strategy,” said Chanrai.
“We have ambitious growth plans. In addition to having a broad breadth of underwriting expertise to offer our clients, we have excellent security and carrier relationships, and a portfolio which is reaping the rewards of the strong market environment,” added Jones.
