LONDRES, 6 de julio de 2023 /PRNewswire/ — Bridgehaven Insurance («Bridgehaven»), a new hybrid coverage company, announced today that it has officially launched following approval from the Prudential Regulatory Authority («PRA»). The UK-based company is backed by Flexpoint Ford («Flexpoint»), a private equity firm with significant experience in insurance investments.
Bridgehaven’s vision is to become the leading hybrid insurer in the UK’s commercial and specialty lines, creating a relationship with Managing General Agents («MGA») and reinsurers woven by mutual trust and collaboration. The Company believes it has an innovative model that encourages open dialogue among all partners, emphasizing the importance of each one’s role in the collective journey towards growth and success.
The Company supports MGAs and program managers who have demonstrated a track record of profitable underwriting results and a focus on commercial and specialty risks. By offering flexible risk appetite, Bridgehaven aims to help them thrive and reach their potential.
Bridgehaven considers itself responsible for delivering the overall technical outcome, acting in the best interest of reinsurers. By aligning with selected MGAs, all parties adopt a shared-risk approach that, together with the transparent nature of the model, aims to ensure that reinsurers are properly informed about the risks they are assuming. This will allow them to operate in the UK market, with the confidence that technical profitability is a key factor for success for all parties.
Bridgehaven’s senior management team includes executives with a track record of building and operating insurance companies. The Company will be led by Paul Jewell, CEO, an experienced professional with over 30 years of experience with global property and casualty insurers and MGAs.
«We are tremendously excited about the potential of our model. Bridgehaven is here to redefine the landscape of the UK insurance through meaningful collaboration partnerships with insurers, MGAs, and reinsurers. The hybrid fronting model gives MGAs the freedom to focus on underwriting exceptional insurance products, while reinsurers can rely on Bridgehaven to manage the underwriting process,» said Paul Jewell. He continues: «Moreover, having the support of Flexpoint will provide the capital and strategic advice needed to build a recognized provider in the UK insurance market.»
Chris Ackerman, Managing Partner at Flexpoint, commented: «We have studied the rise of the fronting model for several years and are excited to partner with the Bridgehaven team to develop a much-needed coverage solution for the UK’s specialty commercial insurance market.»
Dominic Hood, CEO of Flexpoint, added: «We understand the challenges and needs of both MGAs and reinsurers and believe that Bridgehaven can offer an independent, technology-based solution.»
Flexpoint has a long track record of investing in the insurance value chain, including regulated underwriting companies, program administrators, reinsurance platforms, and distribution. Flexpoint’s other current and previous investments in the insurance industry include Alera Group, American Strategic Insurance, GeoVera, Propel Insurance, SageSure, Vale Insurance Partners, VeriClaim, and TigerRisk Partners.
Howden Tiger Capital Markets & Advisory acted as financial advisor to Flexpoint. Mayer Brown LLP and Kirkland & Ellis LLP acted as legal advisors to Flexpoint Ford. Eversheds Sutherland LLP acted as legal advisor to Bridgehaven’s management and employees.
About Bridge Haven
Bridgehaven Specialty UK Ltd, located in London, is authorized by the PRA for all classes of general insurance business. Registered number 12782688 / Registered address: One Wood Street, London, England, United Kingdom, EC2V 7WS
Bridgehaven Specialty UK Ltd is a wholly-owned subsidiary of Bridgehaven Europe Holdings Ltd, and the group of companies will trade under «Bridgehaven Insurance.» For more information, visit: www.bhvn-ins.com
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm managing approximately $7.5 billion in regulatory assets and specializing in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has made investments across a wide range of investment sizes, structures, and asset classes. Flexpoint Ford has offices in Chicago, Illinois, and New York, New York. For more information, visit www.flexpointford.com.
Media Contacts
Simone Fassom, Public Relations Consultant at Free Partners on behalf of Bridgehaven Insurance
Email: [email protected]
Prosek Partners on behalf of Flexpoint Ford
Email: [email protected]
SOURCE Bridgehaven Insurance
