Managing general agent MX Underwriting has been launched by insurance intermediary Specialist Risk Group (SRG).

MX, which aims to be a £100 million gross written premium (GWP) business within its first year, will consist of SRG’s MGA businesses LIME (London Ireland Market Exchange) Insurance, GB Underwriting, CLS Risk Solutions, and Blackrock Insurance Solutions.

For now, the MGAs will continue to trade using their existing brands before shifting to the MX identity by the end of next year.

“Since we launched Specialist Risk Group, it has always been a major goal to have our own specialist MGA,” said SRG deputy chief executive Lee Anderson (pictured), who will be leading the business alongside MX chair James Gerry. “I am therefore thrilled that we have delivered on this goal at such an exciting time.

“MX Underwriting is a dynamic, people-focussed, and data-driven business, led by highly experienced and specialist underwriters. Today, we bring together a group of over 65 outstanding underwriters and insurance professionals, who are passionate about what they do, who care about their brokers and clients, and share the core values upon which we will grow.”

According to SRG, MX plans to grow both organically and by acquiring specialist MGAs.

Anderson noted: “MX Underwriting enters the market by already placing significant GWP through our existing underwriting capability. We look forward to building on this success, by welcoming new people and teams who want to be part of our exciting business.”