Volante Global is set to launch in the first quarter of 2018 as a new UK headquartered multi-class and multi-platform global Managing General Agent (MGA) backed by Nephila Capital and subject to Lloyd’s Coverholder approvals where appropriate.
The group is establishing an international network of underwriting teams located in key territories to deliver local market service.
Talbir Bains will head up the MGA as its Founder and Chief Executive Officer (CEO), leading an executive team to underwrite specialist portfolios of re/insurance business, including: property and casualty, professional and financial lines, motor, space & aviation and marine & energy.
The Group is backed by A+ and AA+ rated capacity and equity investment from Nephila Capital as its principal equity investor and the Volante Management team as minority shareholders.
Bains commented; “we are honoured to be partnering with Nephila as our principal investor and it is an absolute privilege to be working with them on this very exciting new venture.”
“We are delighted to be launching a new and unique underwriting business, following investment from Nephila Capital and capacity support from our panel of A+ and AA+ rated Carriers, intermediated by Aon Benfield.
Bains was formerly Group CEO and Chief Underwriting Officer of DUAL International and prior to this held a number of managerial positions across underwriting, reinsurance, pricing and business performance at QBE European Operations during a 14-year chapter with the QBE Group.
“Volante will deploy upper quartile underwriting capabilities dovetailed with local and specialist distribution strength, supported by an optimised operational platform,” explained Bain, adding that “all of this will be highly enabled by a leading-edge, in-house Technology Centre which resides at the origin of our business, driving an innovative and disruptive research & development approach to deliver fully bespoke, cost-effective product and distribution solutions.”
Other members of the Volante executive committee are: Jim Donnet, Chief Financial Officer (formerly MD in the FIG investment banking teams of KBW, FPK and ABN AMRO, having previously qualified as a chartered accountant with KPMG); Damian McNamara, Chief Distribution Officer (formerly Head of International Business Development at Artex and Kane) and Adrian Williams, Chief Legal Officer (formerly General Counsel (EMEA) at Swiss Re and Head of Legal for QBE European Operations).
Edison Motor will be the first underwriting team to launch from the Volante platform – offering a range of niche motor insurance products with AA+ rated capacity.
In early 2018, Volante will also launch Horizon Managing Agency AG, Horizon, a property and casualty reinsurance MGA focusing exclusively on the Continental European market and led by Eric Gutierrez.
Horizon plans to offer capacity across property catastrophe XL, property catastrophe aggregate XL and property per risk XL.
Bains added that Volante is “immensely grateful to Dominic Christian and his teams at Aon Benfield for the privilege of the truly outstanding client focus and intermediary support provided by the firm.
“Stephen Drewitt and the team at Macfarlanes were equally tremendous and exemplary in providing legal support to secure the agreement between Volante and Nephila.”