Volante Global Ltd will launch and commence trading during Q1 2018, subject to Lloyd’s coverholder approvals where appropriate.
The new multi-class and multi-territory international managing general agent (MGA) platform is a UK-headquartered global underwriting MGA. It will underwrite specialist portfolios of insurance and reinsurance business, including: property and casualty, professional and financial lines, motor, space & aviation and marine & energy.
The group is establishing an international network of underwriting teams in key territories to deliver local market service with a global perspective, culture and ethos, the company said in a statement.
Led by Talbir Bains, founder and CEO of Volante, the group has secured equity investment from Nephila Capital, which is an insurance-linked securities and reinsurance-linked investments manager. Bains was formerly group CEO and CUO of DUAL International Ltd.. Previously, he held a number of executive positions in underwriting, reinsurance, pricing and business performance at QBE European Operations during a 14-year chapter with the QBE Group.
Other members of the Volante executive committee are:
- Jim Donnet, chief financial officer. He formerly was managing director in the FIG investment banking teams of KBW, FPK and ABN AMRO, having previously qualified as a chartered accountant with KPMG;
- Damian McNamara, chief distribution officer. McNamara was formerly head of International Business Development at Artex and Kane, and
- Adrian Williams, chief legal officer. Williams was formerly general counsel (EMEA) at Swiss Re and head of Legal for QBE European Operations.
A chief actuarial officer and an underwriting & franchise director are to be announced in due course.
Edison Motor will be the first underwriting team to launch from the Volante platform. The MGA, which will begin writing business in February 2018 with “AA+” rated company paper – secured on a five-year binder agreement – will offer a range of niche motor insurance products, and be led by some of the most experienced underwriters in the UK commercial motor sector.
A diverse portfolio of commercial business will span: the public sector, including police and fire services, and district/borough councils; hazardous goods; haulage and ancillary. The company will provide both conventional and non-conventional insurance products.
“Edison Motor will capitalize on an agile infrastructure provided by Volante,” said the company, noting that this includes an end-to-end operating system providing real-time connectivity across underwriting, claims and risk management.
In addition, Volante will provide a full-service motor claims function, including pre- and post-litigation support, and access to a comprehensive repairer network; as well as extensive risk management services.
Horizon Management Agency
In early 2018, Volante will also launch Horizon Managing Agency AG, a property and casualty reinsurance MGA focusing exclusively on the Continental European market. Lead by Eric Gutierrez (formally CEO of European Reinsurance at Sompo Canopius and ACE Tempest Re), Horizon will offer extensive capacity across property catastrophe XL, property catastrophe aggregate XL and property per risk XL.
Volante’s UK MGA business will be incubated by Vibe MGA Management, which will provide turnkey compliance and appointed representative services. Volante’s international business will launch during 2018.
“We are delighted to be launching a new and unique underwriting business, following investment from Nephila Capital and capacity support from our panel of A+ and AA+ rated carriers, intermediated by Aon Benfield,” said Bains.
Aon Benfield teams, led by Terry Masters, included Aon Securities which, managed by Nick Triggs, acted as equity adviser to Volante. Meanwhile, Aon Benfield’s capacity team, led by Vijay Mavani, Mark Flower and Rob Sharp conducted discussions with Volante’s supporting carriers. Macfarlanes, led by Stephen Drewitt, provided legal advice to Volante with Willkie Farr advising Nephila Capital on legal matters.
Source: Volante Global Ltd.