New Lloyd’s-backed MGA enters European transactional risk market
A managing general agent (MGA) specialising in underwriting transactional risk solutions has receives Lloyd’s approval to launch into the European market. The MGA aims to capitalise on opportunities arising from ‘returning macroeconomic stability’ and ‘improving conditions’ for deal activity, tax, W&I, and contingency risk transfer.
Devonshire Underwriting, which is backed by Lloyd’s and a panel of A-rated insurance capacity providers, launched as MGA in April.
Through its affiliate Devonshire UW Europe GmbH (together, Devonshire Underwriting), it can now serve European markets, including the Nordics, Germany, France, Spain, Benelux, Poland, Italy and CEE countries.
The company's key sectors for large transactions will include infrastructure, technology, logistics, healthcare and financial services. Its products include warranty & indemnity insurance, tax insurance, and contingency insurance.
Devonshire believes “there is significant and growing demand across Europe for Tax and Contingent classes.”
Headquartered in London, the company underwrites transactions in the UK, Europe, Middle East, Africa, Asia, South America, Central America, Australasia, and beyond. It is able to deploy an automatic per-risk line size of up to €35,000,000 pursuant to the terms of the delegated authority from its insurance partners.
Devonshire is led by four founders and partners – Natasha Attray, James Dodd, James Fletcher and Charles Turnham – who are specialists in the sector with a collective 30 years of transactional liability underwriting experience as well as over 15 years of professional experience in law and tax.
Attray said: “It’s great news to have the green light from Lloyd’s to proceed with our European growth plans. We are excited about the market opportunities in Europe and are in the process of expanding our underwriting team to meet the anticipated demand. More updates will follow as we continue to grow.”
Dodd said: “With macroeconomic stability returning to Europe, conditions for transactions are improving, creating an ideal environment for our services. We are well-positioned to support this resurgence in both deal activity and tax, W&I, and contingency risk transfer.”
Fletcher said: “We would like to thank Lloyd’s and Pro MGA Global Solutions for their approval and support, as well as our insurance and broker partners. Their confidence in our vision and capabilities has been instrumental in our launch, and we are dedicated to delivering on our growth plans.”
Turnham said: “The European market presents significant opportunities for innovative TR solutions. Our team’s deep expertise and responsive approach will enable us to capitalise on these opportunities and provide exceptional service to our clients. We look forward to working with our network across Europe to support some of the most significant transactions in the pipeline.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
