Stubben Edge Group has further expanded with its latest acquisition, specialist managing general underwriter Cedar Underwriting. The deal is subject to regulatory approval.
The announcement is the latest in a series of purchases made by the UK fintech, including the acquisition of Genesis Special Risks and 1Edge Insurance as well as financing platform Finpoint.
Stubben Edge CEO Chris Kenning took an interest in Cedar’s novel approach to insurance, providing managing general agent services at the same time it functions as an MGU. Cedar also gives intermediaries access to both Lloyd’s markets and niche commercial products.
“We are excited to bring Cedar Underwriting on board,” Kenning said. “Their approach to underwriting insurance products is innovative and adaptable, and we look forward to offering their wealth of knowledge and expertise to our existing and new clients.”
Cedar also boasts a bespoke management information (MI) system which gives it a real-time understanding of its broker and insurer partners’ performance and ensures a disciplined underwriting approach.
Stubben Edge will integrate Cedar’s offering into its larger one to intermediaries, with Cedar’s in-house underwriting capabilities for commercial insurance and MI technology complementing Stubben Edge’s existing services.
“The opportunity to join the Stubben Edge Group is a real bonus for Cedar and will allow us to access many more clients and intermediaries,” said Cedar Underwriting managing director Jordan Gregg. “Their approach to financial services is new and exciting and fits in perfectly with the Cedar ethos.”
