Connect Underwriting launches separate London-based MGA

Specialist reinsurance MGA and Lloyd’s coverholder Connect Underwriting has launched a new London-based MGA, supported by Lloyd’s and London-market capacity. The new MGA, Stability Risk UW Limited, will initially write contingency, casualty, cyber and financial lines on a global basis and will be regulated by the UK Financial Conduct Authority.

Connect Underwriting said the launch of a separate business for these classes will enable it to maintain a focus on its core specialist areas of property, energy and political violence. It said this follows Connect Group’s launch in December of Pixel Re, a dedicated monoline reinsurance vehicle for global property and downstream energy risks with attachments of typically $500m and above.

Jamil Elbahou, group CEO and CUO said: “There is huge potential across the markets that Stability Risk will write, and we will service that need by combining traditional high-quality underwriting with advanced technology to deliver the future of digital distribution in our chosen classes. Distribution will be via our existing international partners and the London broking community, and we are genuinely excited to bring new business into the London market.”