Bridgehaven Europe Holdings Ltd., the UK hybrid fronting insurer in commercial and specialty lines, has entered into an agreement to acquire the Dublin-based insurer, SureStone Insurance DAC.
The deal, for an undisclosed fee, is subject to regulatory approval and customary closing conditions being met.
As a result of the acquisition, SureStone will become Bridgehaven’s first European subsidiary to underwrite EU risks via the rapidly evolving MGA market, which is expected to grow to 拢50 billion premium over the next three to five years (according to Bridgehaven’s calculations for the EU market).
SureStone has been in run off since the end of 2019, having specialized in a range of property and casualty risks. Bridgehaven said it will continue to fulfill all existing financial and regulatory commitments to policyholders, claimants and business partners.
“This first acquisition is an important milestone for the business. In under two years, we’ve built a business writing over 拢350 million binder premium via our UK MGA partners and facility arrangements,” commented Paul Jewell, Bridgehaven CEO, in a statement.
“Going forwards, we will support MGAs who require EU commercial and specialty products across the 27 EU states. Our aspiration is to be the leading hybrid insurer supporting MGAs, linking quality reinsurance capital to a diversified and profitable portfolio,” he added.
Launched in July 2023, Bridgehaven establishes partnerships with quality MGAs and reinsurers. Bridgehaven Specialty UK Ltd. is a wholly owned subsidiary of Bridgehaven Europe Holdings Ltd. The group of companies trade under “Bridgehaven Insurance.”
Topics Mergers & Acquisitions Carriers
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