OneAdvent, a London-based managing general agent (MGA) platform, announced the acquisition of Modus Underwriting Ltd., a digital-first MGA focused on providing niche property insurance products to brokers across the UK.
Modus was purchased from CFC Underwriting for an undisclosed amount.
Following its 2018 acquisition of Flood Excess, another specialist insurer in the property sector, OneAdvent has sought to further develop its offering of non-standard products for UK brokers.
OneAdvent said the acquisition strengthens OneAdvent’s position in the landlord space, through Modus’ suite of innovative products, proven distribution and brokering relationships.
Established in 2015 to bring cutting-edge technology to traditional insurance disciplines, Modus has built a reputation for forward-thinking, data-driven products, said a statement from OneAdvent.
The two businesses have been working together in advance of the acquisition to jointly develop a pipeline of specialist products that boost the Modus offering. TryModus – an online portal that provides brokers with direct access to quotes – will be the first such innovation OneAdvent will help bring to market later this year.
“Joining OneAdvent is a hugely exciting move for Modus, just as we are about to launch a new range of online niche products,” said Modus Director Scott Banks. “OneAdvent’s track record in building out innovative technology and developing niche insurance products is a perfect fit with our strategy and we’re looking forward to working with our new colleagues to provide our broker partners with some real game-changing solutions.”
David Hill, CEO at OneAdvent, commented: “Modus will form the core of our niche product distribution business, with the whole Modus team bringing a wealth of experience in insurance distribution. We’ll be investing in Modus’ TryModus distribution technology platform and, in so doing, make products much more accessible to brokers. I’m hugely looking forward to working together to build out the Modus proposition and develop OneAdvent’s footprint in this space.”
In addition to operating as an MGA platform, OneAdvent is also a Lloyd’s broker and niche product distribution business.
Source: OneAdvent
Topics Mergers & Acquisitions Agencies Underwriting Property Insurance Wholesale
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