Industry veteran Andy Colbran has launched a new London-based managing general agency (MGA) platform, called NuVenture, in partnership with re/insurance service provider Xceedance.
NuVenture will establish a portfolio of MGAs, focused on a range of insurance products and sectors.
Founders of the underwriting teams it works with will have a significant equity stake in their MGAs, and will have the opportunity to rethink the underwriting process and drive innovation, NuVenture says.
To this end, founders and teams can leverage proprietary, MGA-customised technology from NuVenture, as well as centralised professional services.
“With the right investment in technology and extensive professional services support, I’ve long believed the MGA model can bring great value to brokers, capacity providers, and clients,” said Andy Colbran, CEO, NuVenture.
“Additionally, by using relevant data sources, MGAs can effectively streamline the underwriting process without compromising on quality. Our first MGAs will be operational within the next month and we want to build a pipeline of experienced underwriters and businesspeople to join NuVenture in the coming months and years,” Colbran continued.
“It’s an attractive proposition for entrepreneurial underwriters, who are eager to help transform the insurance ecosystem and excited about the opportunity to benefit from the value they create.”