The acquisition of Strategic Underwriting Managers marks the expansion of One80's presence into the Canadian insurance market
Strategic Underwriting Managers acquired by One80. (Credit: Pete Linforth from Pixabay)
One80 Intermediaries, a US insurance broker, has acquired Canadian managing general agent (MGA) Strategic Underwriting Managers (SUM) for an undisclosed price.
The acquisition marks the expansion of One80’s presence into the Canadian insurance market. Based in Boston, the company has been a wholesale broker, programme manager, and insurance aggregator.
Strategic Underwriting Managers, which has offices in Toronto, Montreal, and Lachine is an MGA for property, casualty, and other specialty insurance products. The MGA is said to collaboratively work with insurers and reinsurers for designing, underwriting, and offering insurance products to brokers across Canada.
One80 president comments on acquiring Strategic Underwriting Managers
One80 Intermediaries president Matthew Power said: “One80 has rapidly expanded throughout the United States and we look forward to establishing an international footprint with Strategic Underwriting Managers.
“SUM and One80 uphold a similar entrepreneurial culture and strategic long-term vision. With that we are confident that together, we will further support our brokers on both sides of the border.”
The Canadian MGA is claimed to be empowered with broad, in-house binding authority on behalf of some of the major insurance carriers in the world. This is said to enable the MGA to offer coverage to the most demanding insurance risks in real-time.
Apart from Strategic Underwriting Managers’ in-house authority, the MGA is said to have brokerage relationships with a large group of insurance markets to offer products and services to their brokers and clients.
The MGA is licensed in all the provinces and territories of Canada and does not need broker contracts or volume commitments, said One80 Intermediaries.
Strategic Underwriting Managers president Jeff Somerville said: “We have full authority on each of the programs we underwrite and are proud of the long relationships with each company with whom we trade. In joining One80 we look forward to developing additional capacity, and introducing new products and innovations into Canada.”
One80, which has more than 20 locations in the US, is engaged in offering placement services and binding authority for property and casualty, personal lines, financial lines, and medical stop loss risks.