Geo Underwriting announces that it has completed the acquisition of the Marine, Leisure and Marine Trade book of business from KGM Underwriting Services.
An 11-strong team will join Geo Specialty from KGM to head up a new Marine and Leisure underwriting specialism as part of the purchase agreement. The team, led by Tony Harris, has 40 years’ specialist underwriting experience and currently writes £8.5m GWP. The Marine & Leisure team will join Ardonagh’s suite of MGA brands and will operate within Geo Underwriting’s Specialty division, alongside industry specialists and leading brands in Liability, Construction, Terrorism, Sports, Leisure, Entertainment, International Property and Legal Expenses.
The arrival of the Marine & Leisure team follows the acquisitions of Thames Underwriting in August and Rural Insurance earlier this year.
Ardonagh’s CEO of MGA Binders and Facilities, Derek Coles, said: “The addition of Marine and Leisure is a continuation of our strategy to enhance our niche sector underwriting expertise and further differentiate Geo’s offering to meet the demands of the market.”
Geo Specialty’s Managing Director, Nick Sharp, added: “Tony and the team have deep knowledge of these sectors and long-standing broker relationships, making them a natural fit for the Geo Specialty business. Together we are resolutely committed to providing brokers with easy access to high quality
products backed by excellent service.”
Head of Marine & Leisure, Tony Harris, commented: “We are delighted to be joining Geo Underwriting and the wider Ardonagh Group for our next chapter of growth. It’s a credit to the hard work and dedication of the entire team in their efforts to strengthen our offering, systems and relationship with
insurer partners while maintaining strict underwriting disciplines.
“Each line of business has grown in a challenging market by providing the service our broker partners demand from underwriters, who understand their specialty. We look forward to continuing to serve our valued broker partners, whilst growing and expanding the business within Geo Specialty.”