(Re)insurance consultancy Pro Global Holdings Ltd is acquiring Vibe MGA Management (VibeMM) for an undisclosed amount.
VibeMM is the MGA (managing general agent) incubator business of Vibe UK Holdings, which owns Lloyd’s managing agent Vibe Syndicate Management. The snapped up London-based enterprise will be renamed Pro MGA Solutions Ltd.
Subject to regulatory approvals, the UK swoop coincides with the formation of Pro MGA Solutions Inc in US state Pennsylvania. The dual move signifies Pro’s foray into the insurance distribution services sector in the two countries.
Commenting on the British transaction, Pro chief executive Artur Niemczewski said: “I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients.
“The MGA sector has developed rapidly in recent years, and VibeMM’s senior team has extensive experience of operating in this entrepreneurial and dynamic market, supported by a network of expert service providers.”
Niemczewski added that the simultaneous launch boosts the group’s strategy to broaden the ways in which it can help advance clients’ ambitions. In addition, Pro has an “MGAs to Order” initiative which aims to support insurers and capital providers keen to access new markets and new forms of distribution.
“Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro’s overall proposition to their customers,” noted VibeMM CEO Danny Maleary. “This is a great opportunity and we are very much looking forward to joining the Pro team.
Maleary described the deal as “a terrific fit” that will expand VibeMM’s proposition following two years of success.
“Being a part of Pro, we can now offer a much broader scope of solutions and geographic coverage, including the US and Continental Europe, and we look forward to providing innovative solutions to entrepreneurs, carriers, and investors,” he said.