Bridgehaven sets sights on European MGA market expansion following first acquisition.
Bridgehaven Europe Holdings Limited (Bridgehaven), the UK’s leading risk-taking hybrid insurer in commercial and specialty lines, has entered into an agreement to acquire the Dublin-based insurer, SureStone Insurance DAC (SureStone). It will see the hybrid insurer transition SureStone into its first European Subsidiary to underwrite EU risks via the rapidly evolving MGA market.
The move puts Bridgehaven at the forefront of supporting MGAs in an EU market which is expected to grow to £50 billion premium over the next three to five years[i].
SureStone has been in run off since the end of 2019, having specialised in a range of property and casualty risks. Bridgehaven will continue to fulfil all existing financial and regulatory commitments to policyholders, claimants and business partners.
Paul Jewell, Bridgehaven CEO said:
“This first acquisition is an important milestone for the business. In under two years, we’ve built a business writing over £350m binder premium via our UK MGA partners and facility arrangements.
Going forwards, we will support MGAs who require EU commercial and specialty products across the 27 EU states. Our aspiration is to be the leading hybrid insurer supporting MGAs, linking quality reinsurance capital to a diversified and profitable portfolio.”
The deal, for an undisclosed fee, is subject to regulatory approval and customary closing conditions being met.
[i] Based on Bridgehaven EU market calculations