MUM sells MGB broking arm

Manchester Underwriting Management has sold its MGB broking arm to Trireme Insurance Group for an undisclosed sum.

Trireme, the the international subsidiary of US Risk Insurance Group, owns Oxford Insurance Brokers and James Hampden International.

Lloyd’s broker MGB was set up in 2001, specializing in placing professional indemnity risks for companies in the construction, consulting, accounting, insurance, and other industries.

MUM bought the business in 2013. 

Trireme chairman Randall Goss said, “MGB’s approach to its partner brokers and clients is very similar to US Risk’s. They value client service and building a long-term relationship by demonstrating their expert knowledge of their market segments. We are thrilled to have them as part of our group.”

MGB joint managing director Nick Bender said, “Glenn Gostling and I are delighted to join the US Risk family of companies. We believe their entrepreneurial culture matches up very well with ours, and we are excited to be able to both supplement our offering to current brokers and clients and to expand our client base through the U.S. Risk network of agents.”