MGA doubles its capacity in new structured deal backed by BRIT, AXIS and Lloyds.
Managing General Agent (MGA) Generation Underwriting, based in Newcastle-upon-Tyne, which recently became part of the Willis IRM Group, has signed a new capacity deal for its core property and casualty lines.
The deal will the see AXIS come on board alongside existing partner BRIT with additional capacity provided by Lloyds. The new syndicated facility will double Generation Underwriting’s property capacity across its Commercial Combined, Retail, Office and Property Owners products.
“This is a key development for us as we look to expand our offering and capabilities across the UK for mid-market commercial business”, said Greg Wilde, Managing Director of Generation Underwriting.
“The partnership with BRIT has been excellent for both organisations and it was crucial we maintained their support to lead the facility which allows us to maintain the continuity and consistency which our brokers demand. We have also been working with AXIS on this project and are delighted to renew relationships with the excellent team they have assembled”.
UK Regional Director, David Bell, believes the timing of the deal is great following Generation Underwriting’s entry into the Willis IRM Group stable. He Said: “The recent acquisition has been very well received by our brokers and this just evidences the enhanced value and improved proposition we will be able to offer. This is just the first stage and we will continue to build on our offering both in terms of product and capabilities. The new facility for our main property and package classes will also allow us further opportunities to grow our other lines of business in motor and construction as we can accommodate a wider range of client”.
Established over 10 years ago, Generation Underwriting services brokers throughout the UK from its headquarters in Newcastle-Upon-Tyne and its recently opened office in Northern Ireland.
Willis IRM Group Managing Director, Richard Willis said; “We are delighted to continue our partnership with BRIT and welcome AXIS onboard. It’s exciting that this will also strengthen the Group’s growing relationship with Lloyds”.