Media, tech and cyber MGA Nirvana launches in London

London-based specialty MGA Nirvana has launched following the acquisition of media, tech and cyber underwriter Nirvana Risk Partners from Castel Underwriting Agencies in a management buyout.

Nirvana is backed by a number of leading insurance carriers, and is focused on the London market, serving clients’ complex risk needs through its broker partners. About 65% of its business comes from North America, although Nirvana said it has ambitions to grow both in the US and Europe, as it attracts underwriters and adds new products.

Nirvana was set up by founding directors Kabir Chanrai, who has a background in insurance-focussed private equity, and Rob Jones, who has 25 years of underwriting expertise in the London and global markets, including at Hiscox, as well as a portfolio management role at AXIS Capital. Jones formed Nirvana Risk Partners in 2017 as a division of the Castel Underwriting Agencies MGA formation platform.

“This is an exciting time to be launching the platform,” said Chanrai. “We have fantastic backers, an ‘underwriting first’ mindset, and are building a company with a unique culture. We have backing from well-known, professional investors who are committed to a long-term holding period, in addition to significant committed capital to pursue our growth strategy.”

“We have ambitious growth plans,” added Jones. “In addition to having a broad breadth of underwriting expertise to offer our clients, we have excellent security and carrier relationships, and a portfolio that is reaping the rewards of the strong market environment.”

Nirvana currently underwrites across media, technology and cyber risk classes, but said that it plans to scale through organic growth, team hires and acquisitions.