Specialist MGA services platform OneAdvent has announced a new partnership between one of its MGAs and the hybrid fronting insurer Bridgehaven Specialty UK Ltd.
The deal will see Bridgehaven provide A-rated capacity to underwrite waste management and recycling risks. This collaboration is the first of its kind for OneAdvent's platform MGAs.
Fronting has been a feature of the US MGA market for many years and has recently influenced UK and EU MGA capacity decision-making over the past 18 months. The merits of fronting insurers versus traditional capacity were a topic of discussion at the recent MGAA conference, where Bridgehaven CEO Paul Jewell and AXA CUO David Ovenden participated in a panel discussion.
Founded in 2023, Bridgehaven is the first UK hybrid fronting insurer to bring capacity to the UK market for specialist MGAs. By facilitating direct relationships between MGAs and reinsurers, Bridgehaven aims to create a collaborative risk-sharing model to promote innovation and growth.
Criterion is the first of OneAdvent’s MGAs to benefit from this partnership. Established in Australia in 2019, Criterion Underwriting serves the Australian and New Zealand waste management and recycling markets.
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In March 2023, Criterion launched its UK MGA with OneAdvent to create an underwriting hub for the UK and European markets, led by Stuart Kinsella. Bridgehaven’s capacity provides the missing piece to offer quality support to its broker partners.
Tim Quayle (pictured above), CEO at OneAdvent, commented on the partnership, noting the opportunities the UK hybrid fronting model presents to MGAs on their platform.
“This deal with Bridgehaven has brought new capacity to the waste management and recycling market to help Criterion differentiate itself. We hope this is the first of many fronted binders for our specialist MGAs,” Quayle said.
Paul Dilley, chief underwriting officer at Bridgehaven, stated that there is a significant opportunity with this deal with OneAdvent.
“We see a huge opportunity with OneAdvent and are delighted to be supporting Criterion as they develop their specialist re-cycling insurance offering. We are on a mission to reshape the future of insurance and relationships like these are integral to delivering that,” Dilley said.
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