London MGA, Pardus, Raises £1.6M ($2.3M) to Facilitate Next Phase of Growth

Pardus, the London-based independent managing general agency (MGA), announced the completion of a £1.6 million ($2.3 million) capital raising, which attracted a variety of new private investors into the business.

Pardus was advised by West Hill Corporate Finance and the capital was raised through its growth capital arm, West Hill Capital.

Pardus launched five insurance products since it began operating in May 2014. As a result of the extra capital, Pardus said it will now continue to develop existing lines and identify new business opportunities in line with its strategy of becoming a multi-lined MGA.

The company currently underwrites North American property, North American property facultative, U.S. transportation, accident & health and forestry (providing re/insurance coverage for forestry and tree crops in the U.S., Europe, Latin America and Southeast Asia).

“We are delighted to have secured new capital which provides the additional financial strength needed as we continue the journey to develop Pardus as a meaningful MGA in the London market,” said Pardus chief executive Keith Thompson.

“We remain focused on taking the business forward and achieving our goal of operating a multi-lined MGA which offers clear value to the broking community and insurance markets,” he added.

“Pardus represents an exciting proposition in a vibrant segment of the insurance market,” said Andrew Galloway of West Hill. “Businesses such as this play well to our knowledge and experience in this space where our funding is both wholly independent and from diverse sources on terms which reflect attractive EIS [Enterprise Investment Scheme]* relief for investors.”

In addition to the capital-raising, Pardus has appointed two non-executive directors on its board: Simon Byrne, who becomes non-executive chairman, and Brian King. Both bring a wealth of experience to the company from financial and business backgrounds, said Pardus in a statement.

Byrne has more than 24 years’ experience in the insurance industry. He is partner and CFO at Red River Debt Purchase Fund. Previous roles include CFO at Tawa Plc and finance director at CNA Insurance. Byrne began his career at PwC where he qualified as a chartered accountant.

King has more than 49 years’ experience in the insurance industry. He has held notable management positions in his career including managing director of Morgan Read & Colemen and managing director of Arthur J Gallagher & Co (UK). He currently holds directorships at Marine Aviation & General, TPD & Associates, ReSolution Underwriting Partnership, and The Underwriting Exchange.

Pardus was formed by market practitioners Keith Thompson and Darren Stockman and was originally backed by Capita.

Source: Pardus

* An Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.

Topics Market Insurance Wholesale London Funding