Specialist Risk Group (SRG) has announced the launch of MX Underwriting, a new unit that comprises three specialist MGAs acquired by SRG and LIME Insurance.
Led by Lee Anderson, SRG Deputy CEO, and James Gerry, MX Chairman, MX targets being a £100 million GWP business within its first year of trading.
Its plans include both organic growth and the acquisition of specialist MGAs.
SRG has also announced MX Underwriting will be able to provide solutions to broker partners and clients across the EU, which will enable SRG to scale both its UK and European MGA operations.
Since its inception in January 2020, SRG have acquired 10 businesses, including specialist MGAs GB Underwriting, CLS Risk Solutions and Blackrock Insurance Solutions.
The MGA businesses will continue to trade under their existing brands for now but will trade as MX by the end of 2022.
“Since we launched Specialist Risk Group, it has always been a major goal to have our own specialist MGA,” said Anderson. “I am therefore thrilled that we have delivered on this goal at such an exciting time.”
“MX Underwriting is a dynamic, people-focussed and data driven business, led by highly experienced and specialist underwriters,” he continued. “Today, we bring together a group of over 65 outstanding underwriters and insurance professionals, who are passionate about what they do, who care about their brokers and clients and share the “core values” upon which we will grow.”
“MX Underwriting enters the market by already placing significant GWP through our existing underwriting capability. We look forward to building upon this success, by welcoming new people and teams who want to be part of our exciting business.”