MX, the managing general agent of Specialist Risk Group (SRG), is gearing up to launch a dedicated motorsport underwriting division called MX Motorsport.
Backed by A-rated capacity, the upcoming global proposition will specialise in underwriting all classes of motorsport business. MX Motorsport’s products will be distributed through a specialist motorsport brokers panel.
Set to lead MX Motorsport is Tim Skilton, who will bring extensive expertise in global motorsport products. Previously, he was product leader for international motorsport at Allianz Commercial.
SRG group chief executive Warren Downey (pictured) noted: “We are poised to launch MX Motorsport, and Tim’s appointment demonstrates our intent to be the leading motorsport underwriting company, serving brokers who operate in this specialist sector.
“We are now building a dynamic and talented team which will be the go-to underwriting capability for the global motorsport market.”
Further details will be shared ahead of the launch of MX Motorsport, according to SRG.
Meanwhile, the wider MX business is projected to underwrite more than £100 million of premium across various specialist sectors this year. Collaborating with brokers worldwide, the MGA has a focus on creating niche offerings.
The new motorsport venture announcement comes on the heels of SRG’s signing of a definitive agreement to be acquired by investors Warburg Pincus and Temasek. Under the deal, the management team at SRG will invest alongside the company’s new major investor partners.
“We are thrilled to be partnering with such outstanding investors as Warburg Pincus and Temasek, Downey said earlier this month. “They are ideal partners who will provide the support and firepower we need as we embark on the next exciting stage of our growth journey.
“I would like to take this opportunity to thank HGGC for their support over the last three years – we have thoroughly enjoyed working with them during this time, and their involvement has played a significant role in SRG becoming what it is today.”
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