- Munich Re achieves first quarter result of around E600m
- Pega study -"Current customer experience will be unacceptable to our customers in two years", say insurers
- Hiscox research says cyber attacks on the rise for businesses
- Solvency II: Supervisory disclosures, the PRA’s supervisory approach and insurance regulations applicable in the UK
- EIOPA issues Opinion on the supervision of the use of climate change risk scenarios in ORSA
- Insurance Europe publishes a paper to co-legislators over telematics-based insurance products
- UK comprehensive car insurance premiums fall by14% (£87) since the first quarter of 2020 says latest Confused.com/ Willis Towers Watson survey expired
- Advent launches Ecliptic to accelerate London Market modernisation expired
- Gracechurch makes four predictions for a post-pandemic London Market expired
- ABI outlines Mental HealthTraining from Rightsteps-improving mental health support expired
- Sun Life Financial confirms draft prospectus filing for India Joint Venture IPO expired
- SiriusPoint releases Inaugural Environmental, Social and Governance (ESG) Report expired
7th April 2021
MS Amlin acquires International Transportation Marine Office
MS Amlin has announced an agreement to acquire US Managing General Agency(MGA) International Transportation and Marine Office(ITMO) and its associated subsidiaries as part of a new strategy to provide access to high quality specialty MGAs in the US–the largest MGA market in the world. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
Following a significant period of transformation, the acquisition demonstrates the evolution of MS Amlin’s strategic ambitions, supported by its parent MS&AD Group, building selectively on its core portfolio and balancing its catastrophe exposure by investing in the high growth US speciality MGA market. By targeting mid-size, strongly performing niche MGAs underwritten by capacity from highly rated carriers, MS Amlin will provide its clients with a broader suite of products whilst deepening distribution links in a key region.
Founded in 2001, the primary subsidiary International Transportation & Marine Agency(ITMA) provides marine and other specialty lines of insurance. ITMA, which will write business into Syndicate 2001, specialises in light commercial trucking and offers coverage for auto physical damage and motor truck cargo products unbundled from the auto liability exposure. ITMA partners with appointed producers, at both the wholesale and retail levels, and all coverage is placed through A-Rated or better licensed insurance carriers.
Don Kaitz will retain his role as chairman of Arizona headquartered ITMA, and the business will continue to be led by Eric Kaitz, ceo and remain a stand-alone MGA business.
Johan Slabbert, ceo of MS Amlin Underwriting Ltd, comments “We’re excited to be launching a new, US MGA focused strategy as we continue on our journey to create a more modern, relevant, profitable and client-focused business built on providing cover for complex risks where underwriting expertise is critical. The US speciality market represents a significant opportunity to complement our existing portfolio, balancing the current volatility of catastrophe risk by investing in quality, niche risks and broadening the product base for our clients.
I couldn’t think of a better business to spearhead our US MGA platform. ITMA is a profitable business with a strong management team backed by a breadth of underwriting expertise and experience. Our relationship with the business extends over ten years and this acquisition will secure critical access to the US insurance market, improving links with our distributors and helping us better serve our clients. We look forward to bringing our two teams together.”
Eric Kaitz added “Having worked with MS Amlin for the past 10 years, we are confident that our businesses share a strong vision, rigorous underwriting discipline and a commitment to high quality client service. MS Amlin’s scale and global distribution will further enhance our growth trajectory and we look forward to joining the team and building on our success.”
Mitsui Sumitomo Trends(168 articles)