Chicago-based investor Agman has announced the launch of Aurenity, a new tech-enabled Managing General Agent (MGA) targeting the Excess and Surplus (E&S) market.
Aurenity will deploy underwriting analytics to determine technical pricing for E&S exposures, delivering sustainable profitability for its carrier partners over the market cycle. The new venture has received $10 million in seed investment from Agman.
The company plans to announce its first product during Q1 2022. Aurenity will target Casualty and Professional Liability lines where dislocation exists between market price and technical price and demand outstrips supply given exposure and experience inflation. The company will leverage technology to improve risk insight and make better informed underwriting decisions and will invest in cutting edge AI to capitalize on broader E&S opportunities.
Nick Davies will lead the new company as chief executive o fficer in addition to his existing role as operating partner at Agman, having joined the business in May 2021.
Aurenity has also appointed Patrick Safino as chief operating officer. Safino was previously vice president for strategy and execution for Travelers Personal Insurance, and prior to that worked at Accenture’s insurance practice. He brings with him a strong pedigree in the development and delivery of data solutions and pricing analytics.
Source: Agman
Topics Illinois Insurance Wholesale
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