Amwins looks to bring new MGA opportunities in ‘challenging’ market

Global specialty insurance broker  Amwins has invested in an Australian start-up MGA incubator to broaden its capacity across multiple product lines, as well as bring new opportunities to the market, supporting entrepreneurial talent in a “significantly challenging” environment.

Amwins will take a minority stake in Rhodian, which focuses on building a network of independent underwriting agencies powered by technology, capacity and operational services to drive a positive change in a challenging agency environment for new entrants in the market.

The MGA incubator has developed a framework that empowers agency leaders to have ownership of their brand, product and delivery while driving its speed to market and growth trajectory.

Amwins highlighted that the hard market environment coupled with more stringent regulatory reporting requirements will dictate that only the most structured agencies will be able to thrive in the marketplace.

"Amwins brings significant expertise and experience in the development of MGA offerings. Alongside shared cultural values and an independent structure, this partnership provides access to qualified capacity across multiple product lines, putting Rhodian in a prime position for accelerated and sustainable growth," said Scott Purviance (pictured), chief executive officer at Amwins.

Mark Cody, managing director of Amwins Global Risks, added: "This is another great example of Amwins Global Risks bringing new and exciting MGA opportunities to the market. AGR is one of the largest London brokers specialising in delegated authorities and capacity building, with over $2 billion of premium flow annually. We are truly a global broker, and this provides great diversification in territory and class of business. We are excited to work with Rhodian and assist them as they look to build out this innovative business, attracting 'best in class' talent."

Simon Lightbody, chief executive officer at Rhodian, said: "We are excited to partner with one of the world's leading independent insurance firms. Amwins has a strong and impressive culture, which aligns with our vision. We believe that together we can ensure the Australian agency market continues on its trajectory toward being the strongest supplier of niche products to broker markets."

Peter Takos, chief underwriting officer at Rhodian, added: "Underwriting agencies are playing an ever-increasing role in delivering strong insurance products to Australia's broker networks. Part of our focus is to match both domestic and international capacity with the strongest agency product offering, ensuring the evolving needs of broker clients can be met in a sustainable way."

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