Re/insurance consultancy firm Pro Global Insurance Solutions is to acquire Vibe MGA Management (VibeMM), an MGA incubation platform launched by Vibe UK Holdings in 2017.
MGA incubators provide a platform and services to assist new and developing MGAs, offering a faster and more cost-effective way for them to get up and running.
The deal, which has been described as highly complimentary, will see VibeMM renamed Pro MGA Solutions Ltd in UK.
Concurrently, Pro Global will launch Pro MGA Solutions Inc in the US.
“The simultaneous launch of Pro MGA Solutions in the USA and ‘MGA’s to order’ further advances our strategy to broaden the ways in which we can support our clients’ ambitions,” said Artur Niemczewski, Chief Executive Officer of Pro.
“This significant milestone marks a critical next step in our business journey, an exciting and apt one following our 25th anniversary last year.”
Pro’s “MGAs to Order” initiative aims to support insurers and capital providers that want to access new markets, as well as new forms of distribution, through a cost-effective MGA structure underwriting specific lines of business or markets.
As part of the agreement, Pro will provide MGA services to Vibe Syndicate Management (VibeSM) in order to support the growth of its core underwriting business.
“I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients,” added Niemczewski.
“The MGA sector has developed rapidly in recent years, and VibeMM’s senior team has extensive experience of operating in this entrepreneurial and dynamic market, supported by a network of expert service providers.”
Danny Maleary, CEO of VibeMM commented, “Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro’s overall proposition to their customers. This is a great opportunity and we are very much looking forward to joining the Pro team.”
Joe England, CEO of VibeSM said, “We are very pleased to have secured this agreement with Pro, which is well placed to support the continued development of Vibe MGA Management. Pro is a trusted partner with which we will maintain a close working relationship.”
