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The specialist MGA was launched in February 2019 by former Aspen active underwriter Ed Beckwith in collaboration with former Pembroke head of tax Tom Cartwright. -
Tokio Marine Kiln, Chaucer and Liberty Specialty Markets are among the Lloyd’s carriers understood to have joined the new venture.
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BP Marsh will receive a £51.5mn cash consideration from the sale of its 18.7% shareholding in in the company.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The fac-focused underwriter launched in South Florida earlier this year, providing general liability and PV coverage in Latin American markets.
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Syndicate 1856 is looking to back diversified coverholders for the project.
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Stability Risk will be supported by Lloyd’s and London-market capacity.
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The MGA platform was launched by former Barbican executives in late 2021.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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Prior-year legacy deals and higher reinsurance costs are just some of the issues that brokers, MGAs and other cedants are confronting in clearing up after the debacle over allegations regarding faked letters of credit.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
