Nephila invests in new UK MGA Volante Global
Bermuda-based Nephila Capital has made a significant equity investment in a new multi-class and multi-territory international managing general agent (MGA) platform set to start trading in the first quarter of 2018.
Volante Global is a UK-headquartered global underwriting MGA that will underwrite specialist portfolios of insurance and reinsurance business, including: property and casualty, professional and financial lines, motor, space & aviation and marine & energy.
The group is establishing an international network of underwriting teams located in key territories to deliver local market service with a global perspective, culture and ethos.
The company will offer A+ and AA+ rated capacity. It will be led by Talbir Bains, formerly the group CEO and CUO of DUAL International. Prior to this he held a number of managerial positions across underwriting, reinsurance, pricing and business performance at QBE European Operations.
Other members of the Volante executive committee include CFO Jim Donnet, the former MD in the FIG investment banking teams of KBW, FPK and ABN AMRO; chief distribution officer Damian McNamara, formerly head of International Business Development at Artex and Kane; and chief legal officer Adrian Williams, formerly general counsel (EMEA) at Swiss Re and head of legal for QBE European Operations.
Nephila Capital is the principal equity investor to Volante. 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.”
Bains continued: “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.
“Volante will deploy upper quartile underwriting capabilities dovetailed with local and specialist distribution strength, supported by an optimised operational platform. 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.”
The MGA platform has already got several underwriting teams lined up to work on the platform. Edison Motor will be the first underwriting team to launch from the Volante platform in February 2018. It will offer a range of niche motor insurance products, and be led by some of the most experienced underwriters in the UK commercial motor sector.
In early 2018, Volante will also launch Horizon Managing Agency (Horizon), a property and casualty reinsurance MGA focusing exclusively on the Continental European market. Led by Eric Gutierrez (formally CEO of European Reinsurance at Sompo Canopius and ACE Tempest Re), Horizon will offer extensive capacity across property catastrophe XL, property catastrophe aggregate XL and property per risk XL.
Volante’s UK MGA business will be incubated by Vibe MGA Management, which will provide turnkey compliance and appointed representative services. Volante’s international business will launch during 2018.
