UK-based underwriting agency Rising Edge, which specialises in directors’ and officers’ (D&O) liability insurance, is acquiring managing general agent AMANIKI to expand its offerings to include transactional liability.
Established in April 2019, AMANIKI has offices in both Frankfurt and London. Under the deal, financial terms of which were not disclosed, managing director Niki Demirbilek will join the executive committee at Rising Edge.
“I am delighted to welcome Niki and her experienced team to Rising Edge,” commented Rising Edge chief executive Philippe Gouraud (pictured). “What attracted us is how Niki has built a very strong identity and her underwriting track record over the years.
“Therefore, our transactional liability business will continue trading under the name of AMANIKI, a well-respected brand in our London and European markets.”
Gouraud noted that the acquisition aligns with Rising Edge’s strategy to grow its specialty underwriting business.
“We started three years ago with a very successful commercial D&O business,” he recalled. “We are ready for our next phase. We are aware, and welcome, the challenges of a W&I (warranty and indemnity) market with uncertainties related to pricing, historical claims, and underlying M&A (mergers and acquisitions) activity.
“We trust our agility and the drive of our team to find its way to challenge the status quo.”
Demirbilek remarked on the benefits of the swoop, stating: “Rising Edge brings a strong and resilient platform, from which we can continue building our transactional liability business across all our markets.
“We also have the backing of a very strong panel of (re)insurers, and are gearing ourselves in what we anticipate will be a reinvigorated M&A market.”
Kelly Lyles, Rising Edge’s non-executive chair, pointed to the synergies and complementarity between the two agencies while highlighting the “remarkable” timing of the transaction amid an expected increase in M&A activity.
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