European digital insurance distribution platform +Simple has closed the acquisition of GMBC, a tech-enabled master MGA and reinsurance platform, to drive growth in the managing general agent (MGA) market in Europe.

The transaction involved a combination of cash and stock.

GMBC co-founders Martin Brumberg and Sergey Grazhdankin will remain as its executive team and will become shareholders in +Simple.

GMBC said the deal would significantly strengthen +Simple’s ability to provide fully-fledged MGA management to its risk carriers including inter alia technical and financial accounting, reporting, cash management and compliance.

In a press statement, GMBC said: “Through a unified approach across the different countries in which both companies operate +Simple’s risk carriers and reinsurance partners will now get access to online portfolio performance monitoring and be able to utilise a truly integrated European underwriting approach.”

Furthermore, GMBC can leverage +Simple integration to offer its insurers and reinsurers with master MGA management approach to develop insurance distribution with a “lean cost structure and a high degree of risk controls”.

GMBC will retain its branding while its master MGA management unit will continue to trade as 20AGENTS.

+Simple chairman and founder Eric Mignot said: “This acquisition marks a new era of seamless integration, increased efficiency and extended capabilities for our businesses. By leveraging GMBC’s unique data management platform, we can offer a superior level of transparency and control to our insurance and reinsurance partners.

“It is also fantastic news for our clients, so we can expand our capacity to address complex and multiform risks for their activities.”