MGA co-founder launches Addept Group after buying broker

Wholesale business Addept Group has officially been launched and will look to make its first step into the UK market with the acquisition of broker Policywise.

Established by Richard Finan, a founder and former director of managing general agent (MGA) Arc Legal Assistance, Addept has been created to address the ancillary protection needs of customers and to support brokers responding to changing risks.

In its launch statement, the firm said it had acquired Policywise as part of plans to unveil new ancillary products and services that will be provided as part of, or alongside, established core insurance products.

Policywise is a direct customer retail intermediary that was established in June 2012 by Simon Jackson.

Speaking about the deal, Finan, who takes on the role of managing director at Addept, said: “This is an important first step in enabling us to come to market.

“Simon and his team have built a brand recognised for its innovative approach to niche products.

“We want to build on this reputation by introducing our new wave of insurance products and services across a broader range of sectors in the insurance marketplace.”

Jackson, who will leave the business to pursue other interests, added: “Following the disposal of the Policywise book of business two years ago, we were looking for a partner to take the business on the next stage of its journey.

“Richard and his supporting team have a fantastic reputation for delivering innovative, quality products and were an absolute fit for the business.”

Addept

With the deal having been complete, Addept has now applied for regulatory approval to rebrand the business as Addept Insurance Services.

The firm has also appointed a group of non-executive directors (NEDs) to support the growth and future development of the business.

They include Helen Withers, Mike Fenton, Jon May, Paul Tasker and Dave Bowcock.

Speaking about the launch of Addept, Finan said: “Brokers are continually reviewing products and services to ensure they remain relevant to consumers and deliver fair value.

“Legislative changes, market evolution, regulatory focus and growing economic pressures are creating increasing demand for innovative and cost-effective products to protect individuals and businesses against specialist risks.

“Addept has been created to give brokers the tools they need to respond to these changes and deliver relevant products and services to support their customers.”