Specialist Risk Group (SRG) has launched a new managing general agent (MGA) MX Underwriting to scale both its UK and European MGA operations.

SRG deputy CEO Lee Anderson and MX chairman James Gerry will lead the new MGA, which seeks to build a business with £100m in gross written premium (GWP) within its first year of trading.

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The new entity comprises three specialist MGAs acquired by SRG and LIME Insurance. They are GB Underwriting, CLS Risk Solutions and Blackrock Insurance Solutions.

MX has plans to grow both organically and through the acquisition of specialist MGAs.

SRG stated that the new MGA will also be able to provide solutions to broker partners and clients across the European Union.

The insurance broker’s current MGA businesses will continue to trade under their existing brands. They will start trading as the MX brand by the end of 2022.

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Anderson stated: “Since we launched Specialist Risk Group, it has always been a major goal to have our own specialist MGA. I am therefore thrilled that we have delivered on this goal at such an exciting time. MX Underwriting is a dynamic, people-focussed and data-driven business, led by highly experienced and specialist underwriters.

“Today, we bring together a group of over 65 outstanding underwriters and insurance professionals, who are passionate about what they do, who cares about their brokers and clients and share the “core values” upon which we will grow.

“MX Underwriting enters the market already placing significant GWP through our existing underwriting capability. We look forward to building upon this success, by welcoming new people and teams who want to be part of our exciting business.”

Earlier this year, SRG brokered a deal to acquire CLS Risk Solutions (CLS RS). It has acquired 10 businesses since its inception in January 2020.