What’s in a name? Apparently, Vibe MGA Management believes a rebrand will kick-start a whole new era for the global insurance distribution service provider and MGA incubator.
The company has received regulatory approval to become Pro MGA Solutions – a move that takes effect immediately – on the back of Pro’s acquisition of VibeMM in London back in April this year. The switch will see Pro MGA Solutions work closely with Pro Global Holding’s MGA operations with further expansion planned across Europe in the coming months.
“It’s a great pleasure to receive the green light to rebrand as Pro MGA Solutions Ltd. Following our acquisition by Pro, we have received a strong flow of business enquiries, with at least 25 opportunities currently being considered for incubation,” said Pro MGA Solutions CEO Danny Maleary. “We are currently working with eight MGAs and have plans to expand this to 10 in the coming months.
“Our scope as a combined entity has expanded our MGA offering beyond front-end services to complete cradle-to-grave fulfillment, as well as broadening the scope geographically with the operation in the US. We are also working on plans to launch Pro MGA Solutions Europe later this year, and are exploring opportunities to support the vision for a digitally transformed, efficient and more profitable future at Lloyd’s.”
CEO of Pro Artur Niemczewski meanwhile described the expansion as “hugely exciting.”
“The rebrand to Pro MGA Solutions Ltd in the UK paves the way for the combined Vibe MM and Pro teams to continue their dynamic growth journey, responding to strong demand for international reach, expert service and growth support capabilities in this space,” he said.
“Uniquely, we can help clients look at opportunities on both a local and a global level, giving access to opportunities they might not have previously been able to reach. We believe there are many great opportunities for carriers and brokers to break into new areas, broaden distribution options, geographic presence and product ranges through the MGA structure.
“The MGA business model is at the forefront of what insurance will look like in the future, and indeed is at the top of many strategic agendas as carriers and other risk capital partners look to grow into areas they previously thought were unattainable.”