Two specialty MGAs announce plans to merge

MGAs Nirvana and Pulse have announced plans to merge their businesses.

Pulse is a specialist in non-standard accident, health and life insurance, while Nirvana underwrites a global book of business across media errors and omissions (E&O), tech E&O, cyber and warranty and indemnity lines.

Nirvana said it was growing its business through a combination of organic growth, team hires, and acquisitions – and the Pulse merger represents “the next phase of its strategic plan”.

Neither business plans any changes to their teams and brokers and clients will continue to interact with their usual underwriter contacts.

’Additional financial firepower’

Kabir Chanrai, chief executive at Nirvana, said: “The Pulse team have built a fantastic business over the past three decades, with a great culture, highly specialised underwriting expertise and a client-centred approach, helping to provide insurance to individuals who can’t find a solution with mainstream insurers.

“Our long-term, committed capital from our deep-pocketed investors enables us to provide liquidity to the original shareholders and retired founders of Pulse, while bringing the Pulse management team into our partnership model as co-leaders of the business.”

Torquil McLusky, managing director at Pulse, added that the “additional financial firepower that Nirvana provides will allow us to grow and evolve much more quickly than would have been possible on our own”.

McLusky continued: “Right from the start, we felt that the chemistry was right.

“We are delighted to be coming together with such a like-minded business and can’t wait to take things forward.”