Optio, the MGA comprising Ascent Underwriting, Cove Programs and broker Bay Risk Services, today announces it has acquired specialist political-violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum.
Since its launch in 2015 on the Castel platform, Newbridge has grown quickly as a specialist provider of political violence and terrorism cover across a range of emerging markets. With capacity from both Lloyd’s syndicates and company markets, its portfolio for industrial and commercial risks spans the Middle East and North Africa, Sub-Saharan Africa, Latin and South America and Asia.
The acquisition extends Optio’s niche expertise, complementing its existing political risk proposition for foreign direct investors, launched in November under veteran underwriter Nick Hedley.
Kevin Hastings, CEO, Optio said: “It gives me great pleasure to announce the acquisition of Newbridge Risk Partners and to welcome its extremely talented founders Chris Kirby and Henry Buchanan. Huge opportunity exists in distributing Newbridge’s products to our core markets, particularly the U.S. via Optio’s well-established channels, and we look forward to working with them to realise its full potential as part of Optio.”