View this article online: https://www.insurancejournal.com/news/international/2019/04/25/524810.htm
Pro Global Insurance Solutions, the London-based re/insurance consultant and service provider, announced it will acquire Vibe MGA Management Ltd. (VibeMM), an MGA incubator business.
Pro is acquiring VibeMM from Vibe UK Holdings, the owners of Lloyd’s managing agent Vibe Syndicate Management (VibeSM), which manages Syndicate 5678.
Financial terms of the deal, which is expected to close in the second quarter and is subject to regulatory approvals, were not disclosed. VibeMM will be rebranded Pro MGA solutions Ltd. and will continue to be led by CEO Danny Maleary.
London-headquartered VibeMM was launched in 2017 as a service provider for “ambitious underwriters” that seek the independence of running an MGA. Over the past 18 months, it has facilitated the formation of five MGAs across 15 classes of business, including cyber and new technology, said a VibeMM representative.
In a statement, Pro said the deal supports its ambition to offer additional expertise and services to its customers.
In a connected announcement, Pro said it has formed Pro MGA Solutions, based in York, Penn., which enables Pro to support underwriters and carriers looking to create an MGA when they see an opportunity in the United States. Pro described the service as “MGAs to order.”
“I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients,” said Artur Niemczewski, CEO of Pro.
“The MGA sector has developed rapidly in recent years, and VibeMM’s senior team has extensive experience of operating in this entrepreneurial and dynamic market, supported by a network of expert service providers,” he added.
“Pro offers an excellent platform and expertise that will help accelerate the business’ development while enhancing Pro’s overall proposition to their customers,” commented Danny Maleary, VibeMM’s CEO. “This is a great opportunity and we are very much looking forward to joining the Pro team.”
He said being part of Pro will help the company offer “a much broader scope of solutions and geographic coverage, including the U.S. and Continental Europe….”
Source: Pro Global Insurance Solutions and Vibe UK Holdings