The UK MGA market is awash with new players – and now one incoming firm has received a significant investment boost.
Asta, the leading third party managing agent and specialist MGA investor, has concluded a transaction to finance the development of OverArk Limited. Asta will take a minority equity stake in OverArk and will also support the company’s infrastructure including finance and regulatory compliance.
OverArk is a UK MGA which will offer risk led comprehensive property and casualty insurance cover to UK-based organisations. The new MGA will be led by Peter Berring and Patrick Smith, both former chairpersons of AIRMIC. Joining the Board of OverArk is Keith Nevett who will represent Asta’s investment interests in the business.
Speaking about the investment, Julian Tighe, CEO of Asta, outlined why this growing market has caught its interest.
“By leveraging our considerable skill base, and experience of incubating Lloyd’s syndicates, we are confident that what we are offering, including investment, is highly attractive to the highest quality MGAs,” he said. “We have a healthy pipeline of interest from specialist and successful management teams keen to start their own underwriting business and remain open to meeting start-ups with promising underwriting propositions.”
Asta names risk and information chiefs