Optio, the managing general agency (MGA) comprising Ascent Underwriting, Cove Programs and Bay Risk Services, has acquired specialist political violence and terrorism MGA Newbridge Risk Partners.
Newbridge was launched in 2015 on the Castel MGA formation platform, writing a book of political violence and terrorism risks in emerging markets regions.
With capacity from both Lloyd’s syndicates and company markets, its portfolio for industrial and commercial risks spans the Middle East and North Africa, Sub-Saharan Africa, Latin and South America and Asia.
The Newbridge team of Chris Kirby and Henry Buchanan will now join the Optio business with immediate effect, and Castel will work together with Optio to ensure a smooth transition.
Optio believes the acquisition will extend its niche expertise and complement its existing political risk proposition for foreign direct investors, launched in November under veteran underwriter Nick Hedley.
“It gives me great pleasure to announce the acquisition of Newbridge Risk Partners and to welcome its extremely talented founders Chris Kirby and Henry Buchanan,” said Kevin Hastings, CEO at Optio.
“Huge opportunity exists in distributing Newbridge’s products to our core markets, particularly the U.S. via Optio’s well-established channels,” he added, “and we look forward to working with them to realise its full potential as part of Optio.”
Mark Birrell, Chief Executive of Castel, also commented: “The Castel business model is a proven structure enabling entrepreneurial underwriters to launch and build successful businesses.”
“We are delighted to have supported Chris and Henry in building their business over the last four years using our proven platform and wish them continued success in the future.”
Finally, Chris Kirby stated: “Castel provided us with the support needed to launch our business to clients and brokers in our niche area quickly and successfully. We are now at the stage where we have the opportunity to continue our growth and development with the support of Optio Group.”
