Markets/Coverages: MGA Nirvana Renews Media, Tech & Cyber Binder With Increased Media Liability Line

June 7, 2024

Nirvana, the London-based managing general agent and Lloyd’s coverholder, announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £/$/€10 million media liability line.

Effective on June 1, the renewal also provided expanded authority in technology and cyber lines, including new coverage for the financial software industry.

Nirvana MTC added two more leading Lloyd’s syndicates to the panel SCOR and Argenta, taking the total number of capacity panellists to seven.

Rob Jones

“This is a great result for our portfolio, which is now entering its eighth year,” said Rob Jones, executive chairman and head of Media, Tech & Cyber.

“We are particularly excited about the continued support we receive from our excellent capacity partners as well as the two new Lloyd’s market relationships we are adding, which reflects our strong performance over the years as well as supporting our exciting plans for continued growth into differentiated, niche lines into 2025,” Jones added.

Jones, who has 25 years of underwriting expertise in the London and global markets, formed Nirvana Risk Partners in 2017 as a division of the Castel Underwriting Agencies’ MGA formation platform. In March 2023, he and Kabir Chanrai – an insurance-focused private equity entrepreneur – purchased Nirvana from Castel in a management buyout and launched the platform.

In September 2023, Nirvana announced it had launched a warranty and indemnity (W&I) insurance portfolio for SMEs in Europe industry under the leadership of industry veteran Thomas M. Mannsdorfer as part of its leadership team to build out a European underwriting business.

In February 2024, Nirvana also announced the appointment of Andrea Garcia Beltran to the newly created post of head of Cyber Europe.

“The renewal is the best possible outcome for the business as it facilitates our continued growth strategy into our leading Media E&O product, as well as serving our plans to write more micro/SME media accounts in particular in the entertainment and production sectors with a broader territorial footprint,” Jones continued.

“Combined with the distribution and product synergies we will experience alongside the launch of the European Cyber binder, which we are very keen to leverage, this is a very exciting time for the business as a whole,” he said.

In addition to London, Nirvana also has offices in Barcelona and Cham in Switzerland.

Source: Nirvana

Topics Trends Cyber InsurTech Tech Insurance Wholesale

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