Managing general agent platform OneAdvent has successfully negotiated with reinsurer Active Re for the latter to provide a DUA for OneAdvent to write financial institutes and commercial D&O on a facultative basis.
According to OneAdvent, the new facility will complement the existing facilities of its financial lines MGA and will be primarily deployed to write for SMEs and mid-market-sized companies in emerging markets.
“This new partnership will be integral to the building out of our financial lines proposition,” said OneAdvent head of financial lines Roberto Murru. “In the hardest market we have witnessed in over 35 years, we know there is lots of opportunity out there and this increased capacity, thanks to Active Re, will enable us to take advantage of that.”
“As we venture into the financial lines space, the experience and capabilities of the OneAdvent underwriting team will be key to our success. We are delighted to be working with them as they continue on their upward trajectory,” added Active Re deputy COO Robert Blair Ali.
OneAdvent launched its financial lines MGA in August 2019 and “has gone from strength to strength” since its establishment, the company said in a release. Originally focused on serving financial institutions, the team now provides comprehensive coverage across several major verticals, such as commercial D&O.
The financial lines MGA launched on the Whitespace trading platform in late 2020.
