OneAdvent’s Financial Lines MGA has secured additional capacity with Barbadian reinsurer, Active Re.
The negotiations with Active Re have resulted in the provision of a Delegated Underwriting Authority (DUA) to OneAdvent to write Financial Institutes and Commercial D&O on a facultative reinsurance basis.
The new facility aligns with the Financial Lines MGA’s existing facilities and will primarily be deployed to write SME and mid-market sized companies in emerging markets.
OneAdvent launched its specialist Financial Lines MGA in August 2019 and has gone from strength to strength. Initially focussed on Financial Institutions, the team now offers comprehensive coverage across several major verticals, including Commercial D&O.
The MGA also launched on the Whitespace trading platform at the end of 2020, enabling more flexibility and security in the current remote working environment.
The newly secured additional capacity will allow the team, headed up by Roberto Murru, to grow the existing portfolio, whilst developing and launching complementary products and new classes of business.
Roberto Murru commented: “This new partnership will be integral to the building out of our Financial Lines proposition. In the hardest market we have witnessed in over 35 years, we know there is lots of opportunity out there and this increased capacity, thanks to Active Re, will enable us to take advantage of that”.
Robert Blair Ali, Deputy COO of Active Re said: “As we venture into the Financial Lines space, the experience and capabilities of the OneAdvent underwriting team will be key to our success. We are delighted to be working with them as they continue on their upward trajectory.”
