April 27, 2019
Pro Global the (re)insurance consultancy, is in the process of acquiring Vibe MGA Management, the MGA incubation platform launched in 2017 by Vibe UK Holdings, which owns Lloyd’s managing agent Vibe Syndicate Management.
‘VibeMM’ provides a platform to assist developing and new MGAs, boasting a track record of offering a faster and cost-effective way for them to get them up and running.
Pro Global has created an ‘MGAs to Order’ initiative which aims to support capital providers and insurers alike, that want to access new markets, including new forms of distribution. This will commence through cost-effective MGA structure, underlining distinct lines of business or markets.
Included in this agreement, in order to support the growth of its central underwriting business, Pro Global will provide MGA Services to Vibe Syndicate Management (Vibe SM).
This deal has been described as effective and complementary, which will see VibeMM renamed as Pro MGA Solutions in the UK. Simultaneously, Pro Global will launch Pro MGA Solutions Inc. in the US.
CEO of Pro Global Artur Niemczewski recently announced: “The simultaneous launch of Pro MGA Solutions in the USA and ‘MGA’s to order’ further advances our strategy to broaden the ways in which we can support our clients’ ambitions. This significant milestone marks a critical next step in our business journey, an exciting and apt one following our 25th anniversary last year.”
Adding: “I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients. The MGA sector has developed rapidly in recent years, and VibeMM’s senior team has extensive experience of operating in this entrepreneurial and dynamic market, supported by a network of expert service providers.”
CEO of VibeSM, Danny Maleary comments: “Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro Global’s overall proposition to their customers. This is a great opportunity and we are very much looking forward to joining the Pro team.”