Asta Capital sells Pelican Underwriting to Manchester Underwriting Management

Asta, the leading third party managing agent at Lloyd’s, today announced it has completed the sale of its managing general agent (MGA) Pelican Underwriting One Limited (Pelican), which trades as Pelican Underwriting, to Manchester Underwriting Management Limited (MUM), a specialist MGA operating internationally and in the UK.

Pelican Underwriting was launched in 2015 in partnership with Munich Re Group as its capacity provider. Pelican specialises in writing solicitors’ professional indemnity in England and Wales. It has been managed and also received financial backing from Asta Capital since its start.

As a specialist MGA, MUM focuses on providing quality products with strong capacity, adding real value to brokers’ propositions. MUM expanded into property owners, casualty and cyber during 2017 and shares Pelican’s close relationship with Munich Re, whose subsidiary Great Lakes Insurance will continue to support Pelican with capacity.

Julian Tighe, chief executive, Asta said: “We are pleased that the sale of Pelican Underwriting to MUM has completed. This is our first sale of a MGA since we started our MGA management business in 2015 and demonstrates Asta’s ability to develop start up underwriting entities across the insurance spectrum and see them through the lifecycle to the next phase of their business life. We wish Pelican every success and are confident it will continue to grow under MUM’s ownership.”

Jay Bowey, director of Pelican Underwriting, said: “Whilst it is business as usual at Pelican Underwriting, I am hugely excited to be joining the MUM team and am thoroughly looking forward to working in an environment where Pelican can grow and continue to focus on offering the specialist services our clients need.”

Charles Manchester, CEO, MUM said: “Solicitors’ professional indemnity (PI) is a challenging area and, in my opinion, there is nobody better at it than Pelican Underwriting. We already have a major position in the UK and international PI market and Pelican will be accretive to that, fitting perfectly into the group as MUM, too, focuses on top quality service and underwriting.

 


 

For further information, please contact:

Haggie Partners

Damian Beeley
Tel: + 44 20 7562 4444
Damian.beeley@haggie.co.uk

Samantha Whiteley
Tel: + 44 20 7562 4444
Samantha.whiteley@haggie.co.uk

Colette La Pointe
Tel: + 44 20 7562 4444
Colette.lapointe@haggie.co.uk

Notes for Editors

About Asta
Asta Capital Limited is the parent company of:

  • Asta Insurance Markets Ltd
  • Asta Managing Agency Ltd
  • Asta Insurance Services Ltd
  • Asta Management Services Ltd
  • Asta Underwriting Management Ltd

Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for 10 syndicates and two SPAs with capacity under management in 2018 of more than UK£1bn:

  • Syndicate 1729 and SPA 6131 (Dale Underwriting Partners)
  • Syndicate 1897 (Skuld)
  • Syndicate 2357 (Nephila)
  • Syndicate 2525 (DL Dale & Others)
  • Syndicate 2689 (Verto)
  • Syndicate 2786 (Everest)
  • Syndicate 4242 and SPA 6123 (Paraline)
  • Syndicate 5886 (Blenheim)
  • Syndicate 3268 (Agora)
  • Syndicate 1980 (Pioneer)

MGAs
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
MGAs under management:

  • OverArk Limited
  • Arma Underwriting Limited

Notes to editors

About Manchester Underwriting Management

Manchester Underwriting Management is a specialist MGA, operating both in the UK and internationally.
Manchester Underwriting Management has quickly built a business that aims to challenge the market and the way that it transacts business – initially focusing on UK Professional Indemnity and D&O, MUM soon moved into international business in the London Market. In 2017 MUM launched its Property Owners product followed by Casualty and Cyber lines.
The integrity, expertise and service ethos of the team ensures that they deliver flexible, market-leading answers that help brokers deliver outstanding service and support to their clients as well as profitable, well-written business for supporting insurers.
MUM’s specialist underwriters are empowered to make decisions, listening and then responding and supporting brokers to grow their business.
www.manchesterunderwriting.com

For further media enquiries please contact:

Richard Webb
Director
Manchester Underwriting Management
Tel: 01494 781113
Mobile: 07584 685065
Email: richard.webb@manchesterunderwriting.com