NuVenture International Ltd, a new London-based business, has launched a framework to establish a diverse portfolio of MGAs, focused on a wide range of insurance products and sectors, combining underwriting expertise with the benefits of modern technology.
Formed by industry veteran Andy Colbran in a strategic partnership with Xceedance (Boston), NuVenture leverages a proven and broad range of insurance-specific services to attract underwriting teams and influence change in the MGA market, based on a culture of transparency with capacity providers, according to a statement on the company’s launch. The statement says that within the NuVenture enterprise, the interests of MGA founders and their financial rewards are tightly linked to the value they create for capacity providers.
“With funding provided by NuVenture, founding underwriters will have a significant equity stake in their MGAs,” the statement says. “Founders will have the opportunity to rethink the underwriting process, drive innovation, and reap the rewards of running their own business.”
Proprietary, MGA-Customized Technology
NuVenture says it offers founders and teams proprietary, MGA-customized technology from, giving capacity providers seamless connectivity and 24/7 access to their underwriting data. NuVenture adds that it will support its MGAs with centralized professional services, allowing them and capacity providers to focus on what it calls the “core ingredient for success,” disciplined underwriting and building relationships with brokers.
“With the right investment in technology and extensive professional services support, I’ve long believed the MGA model can bring great value to brokers, capacity providers, and clients,” comments Andy Colbran, CEO, NuVenture. “Additionally, by using relevant data sources, MGAs can effectively streamline the underwriting process without compromising on quality. Our first MGAs will be operational within the next month and we want to build a pipeline of experienced underwriters and businesspeople to join NuVenture in the coming months and years. It’s an attractive proposition for entrepreneurial underwriters, who are eager to help transform the insurance ecosystem and excited about the opportunity to benefit from the value they create.”
Source: Insurance Innovation Reporter