Primary Group and Arch back new MGA of ex-AIG boss McNamee

The commercial lines insurtech MGA founded by former AIG UK chief executive Jacqueline McNamee will be named C-Quence.

It was announced today Primary Group will provide long-term financial backing for the MGA, and Arch Insurance will provide the underwriting capacity for C-Quence.

McNamee left AIG in 2015 amid group-wide cuts, but she was positive about this new project and said it was on course to be fully operational by later this year.

McNamee said: “Our ambition is to transform mid market commercial insurance provision in our target markets of the UK and Ireland by radically improving broker and customer service whilst driving down transaction costs and employing leading edge underwriting.

“We will do this by developing smart technologies that are intuitive and adaptable; by putting data and data analytics at the heart of everything we do and by creating innovative insurance products for open market and facilities business. In short: modernising the market.

“We are delighted to have the long term backing of Primary who have a proven track record of success with disruptive and technology-driven distribution in financial services.

“In addition Arch will be instrumental to our success. They and their global colleagues are among the most respected global providers of innovative risk management solutions in the market.”

The team

The team currently consists of over 30 individuals which includes UK based team with insurance and technology experience and an in-house software development team in Toronto.

McNamee said both teams were vital.

She added: “With the support of some key commercial brokers we already have a platform in advanced development that raises the bar by setting significantly higher standards for broker and underwriter usability and functionality.”

Among those joining McNamee at C-Quence are former Ageas strategic development Elliot Biggs and MS Amlin marine and aviation finance business partner Phil West.

Biggs joins as chief information officer and West as chief finance officer.

Steve Hardy of Primary Group said: “We were initially attracted by the potential of Jacqueline’s vision. The fact   we could offer both financial and technical support to C-Quence means that we are ideal partners for this transformative business.”

And Matthew Shulman, president and chief executive at Arch added: “At Arch, we support the view that innovative technology solutions are a necessity for carriers and brokers who are looking to grow their small to mid sized commercial insurance portfolios, and we are very excited to partner with C-Quence in this new endeavour.”

C-Quence is an appointed representative of Ambant Underwriting Services Limited, a company authorised and regulated by the Financial Conduct Authority.