MGA targets expansion as it secures new capacity

Managing general agent (MGA) Spring Insure has secured a new capacity deal with Bridgehaven Specialty UK.

The A-rated capacity covers the MGA’s entire product portfolio across financial institutions, commercial professional indemnity and commercial directors and officers (D&O).

Spring said the capacity, which will sit alongside its existing backers, would help it provide more “flexibility and choice” to brokers and support its growth plans.

The firm is targeting a 50% uplift in annual premium in the first year of the relationship.

Tristan Sargeaunt, chief executive at Spring, said: “This new partnership with Bridgehaven represents a significant moment in the development of Spring and is great news for both our brokers and their clients.

“We are confident that it will not only bolster our already strong renewal retention rates, but help drive new business growth against the background of what has been a soft market.”

Expanded offering

With the new capacity, Spring will be able to underwrite standalone or packaged insurance for financial services firms with revenues up to £500m, including professional indemnity, crime, D&O and cyber coverage.

It will also be able to offer D&O insurance for private and public companies with total assets up to £10bn.

Paul Jewell, chief executive at Bridgehaven Specialty UK, said: “We are delighted to be able to support Spring’s ambitious growth plans as the team looks to significantly expand its existing footprint in the specialist financial and professional lines sectors.

“The move also supports our own mission as the first hybrid fronting insurer of reshaping the world of insurance by developing partnerships with like-minded forwarded thinking MGAs.”