UK-based Aventum has purchased Mulberry Risk, a consultancy offering actuarial, analytical, publicity and capability administration providers to managing general agents (MGAs).
Financial details of deal were undisclosed.
Re/insurance coverage group Aventum expects the acquisition to add actuarial knowledge to its expertise.
It will also allow Aventum to provide actuarial services driven by automation and artificial intelligence, to the whole managing general agency (MGA) space.
Mulberry Risk, as part of the Aventum, has already been implemented across many areas of Aventum, including the group’s re/insurance MGA, Rokstone.
Aventum Group CEO David Bearman said: “New digital technologies augmented with actuarial insights offer real transformational change, and we’re thrilled to be the first to bring this model to the wider market.
“With our investment and leadership, and in partnership with other areas of our group where we see synergies, Mulberry will revolutionize the MGA space.
“The potential for this has been there for a long time; what we’ve done is harness new technologies, and combined it with innovation and talent to make it a reality.”
Mulberry Risk also partners with Exponential, Aventum’s world delegated underwriting authority (DUA) service for coverholders, to offer an in-house package deal to help MGAs to safe capability from the market with actuarial assist and knowledge science providers.
Mulberry Risks CEO David Hughes said: “Joining the Aventum Group and their investment in us is hugely exciting – not only for us as a business, but in terms of what this means for the wider market.
“From securing the capacity, to helping them retain it for the long term, we’re now a powerful one-stop shop for MGAs to help them grow their business exponentially.”