MS Amlin focuses on US MGAs with latest acquisition

MS Amlin has launched a new strategy to provide access to high-quality specialty managing general agencies (MGAs) in the US, with an agreement to acquire US MGA International Transportation and Marine Office (ITMO) and its associated subsidiaries. ITMO will remain a standalone MGA business. “Following a significant period of transformation, the acquisition demonstrates the evolution of MS Amlin’s strategic ambitions, supported by its parent MS&AD Group, building selectively on its core portfolio and balancing its catastrophe exposure by investing in the high-growth US speciality MGA market,” said MS Amlin. “By targeting mid-size, strongly performing, niche MGAs underwritten by capacity from highly rated carriers, MS Amlin will provide its clients with a broader suite of products whilst deepening distribution links in a key region.” MS Amlin noted that the US is the largest MGA market in the world. Arizona-headquartered ITMA provides marine and other specialty lines of insurance, specialising in light commercial trucking and offering coverage for auto physical damage and motor truck cargo products unbundled from the auto liability exposure. According to MS Amlin, ITMA partners with appointed producers – at both the wholesale and retail levels – and all coverage is placed through licensed insurance carriers that are A-rated or better. ITMA will write business into syndicate 2001. Don Kaitz will retain his role as chairman of ITMA and the business will continue to be led by Eric Kaitz, chief executive officer. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals. Johan Slabbert, CEO of MS Amlin Underwriting, said: “We’re excited to be launching a new, US MGA-focused strategy as we continue on our journey to create a more modern, relevant, profitable and client-focused business built on providing cover for complex risks where underwriting expertise is critical. The US speciality market represents a significant opportunity to complement our existing portfolio, balancing the current volatility of catastrophe risk by investing in quality, niche risks and broadening the product base for our clients.” He added: “I couldn’t think of a better business to spearhead our US MGA platform. ITMA is a profitable business with a strong management team backed by a breadth of underwriting expertise and experience. Our relationship with the business extends over ten years and this acquisition will secure critical access to the US insurance market, improving links with our distributors and helping us better serve our clients. We look forward to bringing our two teams together.” Eric Kaitz said: “Having worked with MS Amlin for the past ten years, we are confident that our businesses share a strong vision, rigorous underwriting discipline and a commitment to high-quality client service. MS Amlin’s scale and global distribution will further enhance our growth trajectory and we look forward to joining the team and building on our success.”

MS Amlin focuses on US MGAs with latest acquisition

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