Asta, the third-party managing agent at Lloyd’s, and JPO Consulting, announced the launch of ARTes Specialty Ltd., an independent UK-based managing general agent (MGA), wholly owned by its founders and directors.
Co-founded by Chris Thomas, chief executive officer, and Richard Brown, chief underwriting officer, ARTes specializes in portfolio management of UK and international speciality insurance programs.
Throughout 2022, as a Lloyd’s registered coverholder, ARTes will initially focus on underwriting a U.S. inland marine specialty book with an estimated GWP of US$20 million capacity, the company said.
ARTes has been collaborating with Asta via its flexible MGA platform, as well as seeking the specialist strategic and deal structuring advice from JPO Consulting. The MGA is backed by private equity investment from Bermuda.
ARTes is looking to expand by furthering its plant and engineering underwriting footprint in South America and Australia, in addition to deploying a new UK specialty commercial combined facility focused on the leisure and hospitality sector.
As the business grows, Thomas will concentrate on developing new portfolios with existing strategic partners and new relationships, while Brown will lead the development of the operational underwriting structure of the business, explained a company representative.
“Asta’s plug-and-play MGA platform perfectly accommodates ARTes’ needs as a newly formed business, and its flexible nature will enable them to embrace the new opportunities that are emerging in the market,” said Julian Tighe, chief executive officer of Asta.
“Over the past year, with the support of JPO Consulting and Asta, we have been developing this MGA with the aim of creating strong and stable underwriting capacity programs that produce profitable returns across the rating cycle,” said Thomas.
“We will seek to deliver market-leading underwriting profitability while becoming an efficient, profitable and industry recognized business,” he added.
“We are delighted to have supported ARTes’ principals in setting up this exciting MGA play,” commented Patrick Oldoni, founder and principal of JPO Consulting. “JPO Consulting, from conceptualization to implementation, assisted Chris and Richard in defining a clear strategic path and helped facilitate the successful pursuit of their ambitions.”
About Asta and JPO Consulting
As a third-party managing agent at Lloyd’s, Asta Managing Agency is responsible for 12 syndicates, one SPA and two syndicates-in-a-box with capacity under management in 2022 of more than £1.4 billion. Asta Underwriting Management Ltd. (AUML) currently manages four MGAs.
Founded in 2010, London-based JPO provides advice throughout the M&A transaction process — from formulation of strategy through to negotiation and execution.
Source: Asta and JPO Consulting
Topics USA Excess Surplus New Markets Underwriting Insurance Wholesale
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