Spring Insure has secured significant new A-rated capacity across all its product lines following an agreement with Bridgehaven Specialty UK, a hybrid fronting insurer.
The deal, which covers financial institutions (FIs), commercial professional indemnity (PI), and commercial directors & officers (D&O) insurance, enhances Spring's underwriting capabilities and positions the company for further growth.
This expanded capacity will allow Spring to offer increased flexibility to brokers and clients across its core lines, with the company targeting a 50% rise in annual premium written during the first year of the partnership.
The agreement, effective immediately, also enables Spring Insure to underwrite insurance for financial services firms with revenues up to £500 million, including professional indemnity, crime, directors & officers, and cyber insurance. It also allows the MGA to provide professional indemnity cover for a variety of traditional and miscellaneous professions with revenues up to £200 million.
In addition, Spring can now underwrite directors & officers insurance for private and public companies with total assets up to £10 billion. This expansion complements Spring’s existing capacity arrangements, giving brokers and their clients greater product choice.
Tristan Sargeaunt (pictured above), CEO of Spring Insure, commented that since its foundation in 2020, the firm has built a strong reputation with capacity providers and brokers.
“It is particularly pleasing to be able to announce this new agreement which reflects our commitment to developing sustainable, long-term relationships with both capacity providers and our broking partners,” Sargeaunt said.
Sargeaunt added that the partnership will enhance renewal retention rates and support new business growth, even against the backdrop of a soft market.
Paul Jewell, CEO of Bridgehaven Specialty UK, welcomed the opportunity to support Spring Insure's growth plans.
“The move also supports our own mission as the first hybrid fronting insurer of reshaping the world of insurance by developing partnerships with like-minded forwarded thinking MGAS,” Jewell said.
The latest capacity expansion follows Spring Insure’s last major growth initiative last year, when the firm bolstered its team by bringing on James O’Halloran and Charlie Cooper, increasing the MGA’s staff to 27 across its offices in London, Dublin, and Guernsey.
O’Halloran, in his role as development underwriter, was tasked with strengthening broker relationships for financial institutions, professional indemnity, directors & officers, and cyber insurance in both the UK and Europe.
Meanwhile, Cooper was appointed underwriter for financial institutions, fintech, and cyber insurance programmes, focusing on small and medium-sized businesses in the commercial and financial services sectors.
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