Specialist managing general agents (MGAs) Nirvana and Pulse have confirmed plans to merge their UK operations.
The move is designed to strengthen their position in the specialty insurance market and enhance underwriting capabilities across a broader set of risks, it was stated.
The transaction will bring together two distinct underwriting portfolios.
Pulse is focused on non-standard accident, health, and life insurance, typically catering to clients who do not meet conventional underwriting criteria.
It recently launched a new product offering under its Pulse Clarity unit. The “County Medical” policy is designed to cover specific surgical procedures once they have been scheduled within the National Health Service (NHS). It covers costs associated with diagnostics, hospitalisation, consultations, and post-operative care, aiming to provide an alternative for individuals who are not served by standard private medical insurance.
Nirvana writes business in media and tech errors & omissions (E&O), cyber, and warranty and indemnity (W&I) insurance, with a significant presence in the London market and additional operations in Europe.
It recently appointed Francesco Giovanni Spoto as cyber & technology underwriting manager for Europe. Based in the company’s Barcelona office, he will oversee the firm’s expansion into European cyber and technology markets. He has been active in the cyber insurance space since 2021.
Kabir Chanrai (pictured top), chief executive of Nirvana, said the deal supports both growth ambitions and succession planning.
“The Pulse team have built a fantastic business over the past three decades, with a great culture, highly specialised underwriting expertise, and a client-centred approach, helping to provide insurance to individuals who can’t find a solution with mainstream insurers. Our long-term, committed capital from our deep-pocketed investors enables us to provide liquidity to the original shareholders and retired founders of Pulse while bringing the Pulse management team into our partnership model as co-leaders of the business,” he said.
Nirvana’s executive chairman Rob Jones (pictured immediately below) added that the two companies share a philosophy that prioritises underwriting discipline.
“Pulse’s underwriting-first philosophy aligns perfectly with Nirvana’s, and we are excited to begin working with their talented and dedicated team,” Jones said.
Torquil McLusky, managing director at Pulse, said the merger will facilitate accelerated business development.
“The additional financial firepower that Nirvana provides will allow us to grow and evolve much more quickly than would have been possible on our own. Right from the start, we felt that the chemistry was right with Kabir, Rob, and their team. We are delighted to be coming together with such a like-minded business and can’t wait to take things forward,” he said.
The companies have confirmed there will be no changes to staffing or broker relationships, and client servicing will continue as normal.
Regulatory review processes are underway, with approvals pending from the UK Financial Conduct Authority and the Belgian Financial Services and Markets Authority. Financial terms have not been disclosed.
