New MGA launches with $25m capacity and industry veteran as chief executive

Volt Underwriting, a London-based Lloyd’s coverholder and MGA that specialises in the energy transition sector, has launched today (14 October 2024).

Founded by Chris Allison, Andrew Tokley and Kevin Cleary, the firm will focus on insuring property risks associated with power generation and midstream energy, in both the non-renewable and renewable sector.

It has secured A-rated capacity worth $25m (£19.2m) from Lloyd’s, as well as backing from private equity (PE) investor BP Marsh.

The PE firm has subscribed for a 25.5% cumulative preferred ordinary shareholding and will provide funding of up to £2.5m via both equity and a loan facility.

Dan Topping, chief investment officer at BP Marsh, said: “BP Marsh are pleased to be making this investment in Volt, founded by a seasoned and skilled management team.

“We look forward to working with Allison, Tokley and Cleary, to deliver on their business plan over the coming years, harnessing our experience and expertise in assisting specialist start-up underwriting agencies to develop and grow.”

Founder experience

Allison will serve as Volt’s chief executive, Tokley as chief underwriting officer and Cleary as chief operating officer.

Before Volt, Allison had worked at Travelers Syndicate for the last 17 years. He has also worked at Aegis, Chubb and Allianz.

During his tenure at Travelers, he held various senior roles and was most recently the active underwriter and head of specialty.

Tokley also recently worked at Travelers Syndicate, holding various senior roles, most recently as head of energy, property and construction. He has also held previous roles at Aegis, Chubb and Swiss Re.

Cleary, meanwhile, has spent the last 8 years at Optio in a number of different roles, including chief operating officer.

After launching and receiving investment from BP Marsh, Allison said: “We look forward to working with BP Marsh, as we enter the next phase of our careers in establishing Volt.

“Alongside BP Marsh, our goal is to build Volt into a successful best-in class MGA, with energy being our marquee product line, with other synergistic product offerings being developed over time.

“BP Marsh has a proven record of investments in our space and we believe that they are the perfect partners to help Volt achieve its long-term goals.”