Industry veteran Andy Colbran launched a new managing general agency (MGA) platform in London.

The insurance service provider Xceedance-backed platform is called NuVenture International.

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NuVenture will seek to establish a diverse portfolio of MGAs, focused on an array of insurance products and sectors.

The platform will leverage range of insurance-specific services to attract underwriting teams and trigger changes in the MGA market.

The founding underwriters will have a ‘significant equity stake’ in their MGAs and can work to rethink the underwriting process to fuel innovation.

Additionally, NuVenture will provide the founders and teams with access to its MGA-customised technology.

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NuVenture CEO Andy Colbran said: “With the right investment in technology and extensive professional services support, I’ve long believed the MGA model can bring great value to brokers, capacity providers, and clients.

“Additionally, by using relevant data sources, MGAs can effectively streamline the underwriting process without compromising on quality. Our first MGAs will be operational within the next month and we want to build a pipeline of experienced underwriters and businesspeople to join NuVenture in the coming months and years.

“It’s an attractive proposition for entrepreneurial underwriters, who are eager to help transform the insurance ecosystem and excited about the opportunity to benefit from the value they create.”

In November last year, Aston Lark introduced a MGA platform called Spring Partners.