MS Amlin will acquire US managing general agency (MGA) International Transportation and Marine Office (ITMO) and its associated subsidiaries, including International Transportation & Marine (ITMA).
MS Amlin said it is looking to build up its core portfolio and balance its catastrophe exposure with new business in the high growth US speciality MGA market. By targeting mid-size, strongly performing niche MGAs underwritten by capacity from highly rated carriers, MS Amlin intends to provide its clients with a broader suite of products whilst deepening distribution links in a key region, it said.
The deal is subject to customary closing conditions, including the receipt of regulatory approvals.
ITMA was founded in 2001 and provides marine and other specialty lines of insurance, including light commercial trucking and auto physical damage and motor truck cargo products unbundled from the auto liability exposure. It partners with appointed producers, at both the wholesale and retail levels, with coverage placed through A-rated or better licensed insurance carriers. Following the acquisition ITMA will write business into Syndicate 2001.
Don Kaitz will retain his role as ITMA’s chairman and the business will continue to be led by chief executive officer Eric Kaitz. It will remain a stand-alone MGA business.
Johan Slabbert, chief executive officer of MS Amlin Underwriting, said the acquisition is part of MS Amlin’s efforts to create a more modern, relevant, profitable and client-focused business, built on providing cover for complex risks where underwriting expertise is critical.
“The US speciality market represents a significant opportunity to complement our existing portfolio, balancing the current volatility of catastrophe risk by investing in quality, niche risks and broadening the product base for our clients,” he said.
He added: “ITMA is a profitable business with a strong management team backed by a breadth of underwriting expertise and experience. Our relationship with the business extends over ten years and this acquisition will secure critical access to the US insurance market, improving links with our distributors and helping us better serve our clients.”
Kaitz added: “MS Amlin’s scale and global distribution will further enhance our growth trajectory and we look forward to joining the team and building on our success.”
MS Amlin, International Transportation and Marine Office, ITMA, Don Kaitz, Johan Slabbert