OneAdvent, a specialist managing general agent (MGA) and broker services platform, has launched a new MGA, Criterion Ltd, to provide a much needed service to the “critically underserved” recycling sector.
Criterion will underwrite niche classes of business including waste management, recycling and mining business across core territories including the UK, Australia, Republic of Ireland and in the near-future, the USA and Canada.
In the UK, the MGA will be led by Stuart Kinsella, an expert in the waste management and recycling sector. She had previously spearheaded the waste and recycling property team at Rokstone Underwriting.
Criterion has created a digital trading platform to produce a fast, simple and intuitive journey for customers, and will augment their collective underwriting expertise with extensive data analytics and modelling, OneAdvent stated.
The MGA and broker services platform will support Criterion with the vital regulatory, compliance and business oversight needed for its successful launch in the UK. It is also backed by Australian MGU Criterion Underwriting.
“The recycling market is critically underserved from an insurance perspective and has historic issues with poor risk management and large losses,” said Kinsella.
Adding: “Criterion has assembled a team of experts in this complex class of business to create a sustainable recycling product underpinned by the best technical underwriting standards and technology. Our proposition will centre around best-in-class customer service and fast turnaround times to help brokers to build lasting relationships with the market and their clients.”
Tim Quayle, CEO at OneAdvent added: “The current market presents a clear opportunity for a provider like Criterion to make its mark with a quality offering backed by experts. It’s an incredibly complex class of business that requires a fresh approach.
“We were impressed by Stuart’s clear plan to build long-term relationships with insurer partners and brokers and Criterion’s flexible approach to underwriting. We’re very excited to provide support for their successful launch.”
