Amwins backs startup MGA incubator Rhodian
Amwins , a global distributor of specialty insurance products and services, has taken a minority interest in Rhodian , an Australian startup MGA incubator whose focus includes building a network of independent underwriting agencies powered by its technology, capacity relationships and operational services.
Recently founded, Rhodian allows MGAs to have ownership of their brand, product and delivery to market, “with the engine room of Rhodian driving their speed to market and growth trajectory.”
“We are excited to partner with one of the world’s leading independent insurance firms. Amwins has a strong and impressive culture, which aligns with our vision. We believe that together we can ensure the Australian agency market continues on its trajectory toward being the strongest supplier of niche products to broker markets.” – Simon Lightbody, chief executive officer at Rhodian.
“Amwins brings significant expertise and experience in the development of MGA offerings . Alongside shared cultural values and an independent structure, this partnership provides access to qualified capacity across multiple product lines, putting Rhodian in a prime position for accelerated and sustainable growth.” – Scott Purviance, chief executive officer at Amwins.
According to the company, the journey of new entrants interested in setting up underwriting agencies requires investment, structure and support to be powerful and compelling to the broker market.
“Underwriting agencies are playing an ever-increasing role in delivering strong insurance products to Australia’s broker networks. Part of our focus is to match both domestic and international capacity with the strongest agency product offering, ensuring the evolving needs of broker clients can be met in a sustainable way.” – Peter Takos, chief underwriting officer at Rhodian.
“This is another great example of Amwins Global Risks bringing new and exciting MGA opportunities to the market. AGR is one of the largest London brokers specialising in delegated authorities and capacity building, with over $2 billion of premium flow annually. We are truly a global broker, and this provides great diversification in territory and class of business. We are excited to work with Rhodian and assist them as they look to build out this innovative business, attracting ‘best in class’ talent.” – Mark Cody, managing director of Amwins Global Risks.
Bottom Line: Greenlight Re and SiriusPoint come to mind.