KGM Underwriting has further cemented its ambition of being a leading provider of specialist motor insurance solutions with its acquisition of the specialist MGA Eridge Underwriting Agency (Eridge). In a Press release, KGM said the deal, which is expected to complete in May, will strengthen KGM’s broker product suite and maintain its focus on providing a flexible alternative to the composite insurers.
The acquisition is a natural next step for the specialist and niche motor insurer (which is part of the A-Plan/Howden Group) as it follows on from the transfer of Aurum Underwriting’s specialist and high net worth motor business from DUAL Corporate Risks to KGM. As a result of the market moves, KGM has broadened its offering to its network of brokers and now covers all private and commercial motor classes.
The combined business, which is backed by long-term and committed Zurich capacity, will underwrite £175 million GWP in 2022 and continue innovating with broker partners to grow sustainably.
Commenting on the deal, John Hamilton, CEO of Eridge, said he has known the KGM business and its directors for over 20 years, and chose to join the firm because he has been consistently impressed with its values, entrepreneurial spirit and underwriting expertise.
“Despite very good offers from other companies, our shared values of exceptional service for brokers and their clients made KGM the obvious home for our business,” he said. “I look forward to continuing our journey with the KGM team.”
Matt Puttick, CEO of KGM, added: “In the specialist and niche motor segments we serve, KGM offers a highly experienced and well-regarded team, backed with A rated solutions and service to our broker partners. Our personal service, underwriting agility and claims expertise is why they choose us. John and his team at Eridge share these attributes, have a great reputation in the market and together our combined product range makes for a highly compelling broker proposition.”