Mi Limited announced its entry into the North American insurance market with the opening of an office on Wall Street, New York City.
Mi provides internet-based software solutions to the commercial insurance sector. It counts amongst its users Aon, HSBC, Royal & SunAlliance, Assicurazioni Generali and Lloyds of London. It plans to extend its operations to the West Coast within the next six months.
Tony Colborne, Mi’s chief executive, noted, “The U.S. has always been on our radar. A great deal of business is managed via delegated authority arrangements by Managing General Agents (MGAs) in North America so, from the early days, as we’ve worked with London brokers, we’ve had an indirect relationship with their producers, be they MGAs, wholesalers or retailers.
“This is now the opportunity to effectively extend trading systems beyond London, to where the risks originate, and to build on the synergy between the two markets. We are fortunate to be entering North America with the backing and support of clients who are well established in that market” he concluded.
Mi Limited was established in 1999 and is independently owned. Its founding directors are London market specialists and had previously worked for Aon Limited.
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