MGAM Ltd new capacity arrangements
We are certainly living in uncertain times but, despite the challenges posed by the global pandemic and the turmoil faced by the insurance market, with your support, MGAM continues to move forward.
The resilience of our systems mean that we are able to withstand these external forces, continue to trade and attract interest from new capacity providers.
One such carrier is Convex Insurance UK Ltd (Convex) who see value in our unique blend of robust process, human touch and technology lead solutions.
As a result, I’m delighted to announce that MGAM has secured an arrangement with Convex, which will initially see them provide capacity for the Per Capita and Wages & Turnover Liability products via our leading-edge quote & bind platform.
Who is Convex?
Stephen Catlin established the Catlin Underwriting Agencies syndicate at Lloyd’s in 1984. From there, it grew into a global insurer that regularly outperformed the market and wrote US$6bn in annual premium when it was acquired in 2015.
In 2019, Stephen and Paul Brand co-founded Convex with $1.7bn of initial committed capital. The company has an A.M. Best rating of A- (Excellent).
Many of the people that made Catlin successful now work at Convex, so there is a continuity in management style and underwriting ethos which perfectly complements MGAM’s own core values.
What happens now?
The enhanced quote & bind platform is now live. All existing log on credentials remain in force so you will be able to access the Per Capita and Wages & Turnover Liability products to bind new business and re-broke renewals.
We are continuing to build products and relationships with additional capacity providers and as we look forward, we can do so with confidence, knowing that we have a multi-year arrangement in place that provides certainty for the future.