The Vibe group of insurance and reinsurance focused service providers and companies has launched an MGA incubation platform, as it targets helping re/insurance entrepreneurs to more easily enter the market.
Vibe MGA Management Ltd. (Vibe MM) aims to become an independent MGA incubator offering a supportive environment to help insurance entrepreneurs that want to bring a differentiated offering to the re/insurance market.
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.
Vibe MM will be led by CEO Danny Maleary, with a senior team that has extensive experience and a track record gained in the MGA space.
Commenting on the launch of Vibe MM, CEO Danny Maleary said; “Along with my colleagues, I’m excited about the opportunity to work with our MGA clients to help achieve their business and personal goals. Vibe MM’s core proposition is its focus on applying innovation to achieve an ‘end game’ capital event for each of our MGA clients. We have already secured diverse MGA clients onto our platform and aim to build our portfolio into a global offering.”
Dinah Gately, CEO of Vibe Syndicate Management and Director of Vibe MM, added; “The formation of Vibe MM is a complementary business overseen by our parent company, trading alongside Vibe Syndicate Management and Inceptum Insurance Company. As with the other group companies, Vibe MM is provided with capital security and financial strength through our principal investors Quantum Strategic Partners (managed by Soros Fund Management) and Pine Brook Partners.”
Vibe MM also named Terry Wheatley as Non-Executive Chairman. Wheatley joined Vibe on the 1st June 2017 and will lead the Board, help set the company’s strategic aims and monitor its performance, risk and compliance. Wheatley has been involved in the MGA sector for the last 15 years and has experience in both global speciality reinsurance and as an underwriter at Lloyd’s of London.
Wheatley said; “New MGA creation is continuing to grow quickly. The shift in the UK landscape to a more nimble, specialised and efficient risk accumulation model is here for the foreseeable future. Vibe MM has positioned itself to be in the vanguard of this movement and I look forward to working with the team here to deliver a partner relationship that not only meets but exceeds our clients’ expectations.”