Investment firm Agman launches MGA
Chicago-based investor Agman announced the launch of Aurenity , an MGA targeting the Excess and Surplus (E&S) market.
The new venture received $10 million in seed funding from Agman and will use underwriting analytics to determine technical pricing for E&S risks, with the goal of “delivering sustainable profitability for its carrier partners across the market cycle.”
The company plans to announce its first product during the first quarter . Aurenity will target Casualty and Professional Liability lines where dislocation exists between market price and technical price and demand outstrips supply given exposure and experience inflation.
Nick Davies will lead the new company as Chief Executive Officer.
“Nick Davies is a rare blend of underwriter, executive and entrepreneur. With a proven track record in the U.S., Lloyd’s and Bermuda markets over 25 years, he is already attracting market-leading talent to Aurenity with the vision and relationships to execute a strategy of technology-led underwriting excellence. Agman is built around backing entrepreneurs and we have no doubt Aurenity will flourish under his leadership.” – Scott Silverman, Agman’s Founder and CEO.
Aurenity has also appointed Patrick Safino as Chief Operating Officer. Safino was previously Vice President for Strategy and Execution for Travelers Personal Insurance, and prior to that worked at Accenture’s insurance practice.
“The market now expects MGAs to deliver more sophisticated pricing and we intend to be at the vanguard of that. Carriers and reinsurers are embracing data and analytics to optimize their portfolios, but MGA tech has principally solved for distribution over pricing. While automated process can now be delivered efficiently by certain SaaS providers, underwriting profit can’t be outsourced.” – Nick Davies.