+Simple, a leading European digital insurance distribution platform for small businesses, and GMBC, a tech-enabled master MGA and reinsurance platform, have completed a strategic merger to drive growth in the European MGA market.
According to the announcement, +Simple has acquired 100% of the share capital in GMBC through a combination of cash and stock with GMBC’s co-founders, Martin Brumberg and Sergey Grazhdankin, remaining as the executive team of GMBC and becoming shareholders in +Simple.
The merger will significantly strengthen +Simple’s ability to provide fully-fledged MGA management to its risk carriers which includes inter alia technical and financial accounting, reporting, cash management and compliance.
At the same time, +Simple’s risk carriers and reinsurance partners will also get access to online portfolio performance monitoring, where they will be able to utilise a truly integrated European underwriting approach.
By leveraging this integration with +Simple, GMBC will be able to offer its well-established MGA management approach to international and local re/insurers seeking to develop insurance distribution with a robust cost structure and a high degree of risk controls either through +Simple or GMBC’s independent MGA clients.
It has also been confirmed that GMBC will retain its branding, with the master MGA management unit continuing to trade as 20AGENTS.
Eric Mignot, Chairman and Founder of +Simple, commented on the merger: “This acquisition marks a new era of seamless integration, increased efficiency and extended capabilities for our businesses. By leveraging GMBC’s unique data management platform, we can offer a superior level of transparency and control to our insurance and reinsurance partners. It is also fantastic news for our clients, so we can expand our capacity to address complex and multiform risks for their activities.”
Sergey Grazhdankin, Co-Founder and Managing Partner of GMBC, added: “A combination of +Simple and GMBC is a rare match. Together we can benefit from multiple immediate synergies and unlock abundant potential for further scalability and growth. We are very pleased to join forces with +Simple’s team as we share the same culture of innovation and delivering top-class product to our clients.”
