New specialty MGA enters London market with ambitious growth plans

A new specialty managing general agent (MGA) has launched in London with ambitious growth plans to expand in the US and Europe following management buyout from Castel Underwriting Agencies.

London-based specialty MGA Nirvana has launched after acquiring Nirvana Risk Partners, a media, tech and cyber underwriter, from MGA formation platform Castel in a management buyout.

Nirvana, which is backed by a number of leading insurance carriers, has been set up by founding directors Kabir Chanrai (pictured right) and Rob Jones (pictured left). Chanrai has a background in insurance-focussed private equity, and Jones has 25 years’ of underwriting expertise in the London and global markets, including at Hiscox, as well as a portfolio management role at AXIS Capital.

Nirvana currently underwrites across media, technology and cyber risk classes, but plans to scale through organic growth, team hires and acquisitions.

Jones formed Nirvana Risk Partners in 2017 as a division of the Castel Underwriting Agencies MGA formation platform.

Nirvana is focused on the London Market, serving clients’ complex risk needs through its broker partners. About 65% of its business comes from North America, however the company has ambitions to grow both in the US and Europe, as it attracts underwriters and adds new products.

“This is an exciting time to be launching the platform,” said Chanrai. “We have fantastic backers, an ‘underwriting first’ mindset, and are building a company with a unique culture. We have backing from well-known, professional investors who are committed to a long-term holding period, in addition to significant committed capital to pursue our growth strategy.”

“We have ambitious growth plans,” said Jones. “In addition to having a broad breadth of underwriting expertise to offer our clients, we have excellent security and carrier relationships, and a portfolio which is reaping the rewards of the strong market environment.”

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