Lloyd’s re/insurer MS Amlin is set to acquire U.S. Managing General Agency (MGA), International Transportation and Marine Office, LLC (ITMO) and its associated subsidiaries, subject to customary closing conditions.
The acquisition is part of the firm’s new strategy to provide access to high quality specialty MGAs in the U.S., which is the largest MGA market in the world.
MS Amlin states that by acquiring mid-size, strongly performing niche MGAs backed by capacity from highly rated carriers, it is able to provide its clients with a broader suite of solutions while at the same time deepen distribution links in the key U.S. marketplace.
The primary subsidiary, International Transportation & Marine Agency, LLC (ITMA), offers its clients marine and other specialty lines of insurance coverage.
ITMA, which will write business into Syndicate 2001 at Lloyd’s, has a specialist focus on light commercial trucking and offers coverage for auto physical damage and motor truck cargo products unbundled from the auto liability exposure.
The company was founded in 2001 and is headquartered in Arizona. Following the acquisition, Don Kaitz will continue to serve as Chairman of ITMA, and the entity will continue to be led by Eric Kaitz as Chief Executive Officer (CEO) and will remain a stand-alone MGA business.
CEO of MS Amlin Underwriting Ltd, Johan Slabbert, commented: “We’re excited to be launching a new, US MGA focused strategy as we continue on our journey to create a more modern, relevant, profitable and client-focused business built on providing cover for complex risks where underwriting expertise is critical. The US speciality market represents a significant opportunity to complement our existing portfolio, balancing the current volatility of catastrophe risk by investing in quality, niche risks and broadening the product base for our clients.
“I couldn’t think of a better business to spearhead our US MGA platform. ITMA is a profitable business with a strong management team backed by a breadth of underwriting expertise and experience. Our relationship with the business extends over ten years and this acquisition will secure critical access to the US insurance market, improving links with our distributors and helping us better serve our clients. We look forward to bringing our two teams together.”
Eric Kaitz added: “Having worked with MS Amlin for the past 10 years, we are confident that our businesses share a strong vision, rigorous underwriting discipline and a commitment to high quality client service. MS Amlin’s scale and global distribution will further enhance our growth trajectory and we look forward to joining the team and building on our success.”