Broker’s MGA launch looks to casualty opportunities

Lloyd’s of London (re)insurance broker Miller Insurance has launched a new MGA to take advantage of the current opportunities it views in the casualty sector.

Revealed on 21 February 2023, Casper Specialty UK (Casper) will focus on the casualty market and will be led by Bradley Knight, previously deputy active underwriter and head of casualty insurance at Argenta.

The London-based MGA will operate independently as a sister entity to Miller, with capacity support from Argenta, private equity firm Cinven and Singapore-based sovereign wealth fund GIC.

It will begin writing business across a significant portfolio of casualty business – including professional lines - based on a data driven approach from 1 March 2023.

Casper has also been structured to write European business.

‘Significant opportunity’

The establishment of Casper “aligns closely with [Miller Insurance’s] ambition to support high quality, specialty focused, insurance intermediaries”, the broker said in a statement.

Knight believes the timing of the MGA launch could not have been better.

He said: “We’re hugely excited to launch Casper to the market.

“The casualty market is undergoing dynamic change as it looks to adapt to factors such as high inflation and a more challenging economic environment.

“Myself and the team believe that there is a significant opportunity to offer carriers a proven underwriting partner that can enable them to access the opportunities these market conditions present.”

Starting the ‘growth journey’

Knight continued: “As a newly formed MGA, we will look to put data at the heart of how we do business, offering real-time access to our capacity partners [and] giving them greater visibility over [the] business written and underwriting performance.

“We are also delighted to have agreed a partnership with Argenta, building on the existing deep relationship. We look forward to beginning our growth journey with the support of our investors and market partners.”

Ian Burford, Argenta Group’s chief underwriting officer, added: “We are delighted to support the launch of Casper and build on our existing relationships. Our multiyear partnership provides Casper with meaningful capacity for its programmes.

“The Casper team’s proven expertise in the specialist casualty market is clear and we look forward to working with them as they seek to build a high quality and profitable portfolio, as well as further deepening our relationship with the wider Miller group.”