MGA platform OneAdvent has announced its acquisition of Modus Underwriting Ltd., an MGA focused on providing niche property insurance products to brokers across the UK.
OneAdvent believes the acquisition will strengthen its position in the landlord space.
The two companies have been working together in advance of the acquisition to jointly develop a pipeline of specialist products that boost the Modus offering.
TryModus – an online portal that provides brokers with direct access to quotes – will be the first such innovation OneAdvent will help bring to market later this year.
“Joining OneAdvent is a hugely exciting move for Modus, just as we are about to launch a new range of online niche products,” said Modus Director, Scott Banks.
“OneAdvent’s track record in building out innovative technology and developing niche insurance products is a perfect fit with our strategy and we’re looking forward to working with our new colleagues to provide our broker partners with some real game-changing solutions,” Banks added.
David Hill, CEO at OneAdvent, also commented: “Modus will form the core of our niche product distribution business, with the whole Modus team bringing a wealth of experience in insurance distribution.”
“We’ll be investing in Modus’ TryModus distribution technology platform and, in so doing, make products much more accessible to brokers. I’m hugely looking forward to working together to build out the Modus proposition and develop OneAdvent’s footprint in this space.”
