UK-based Bridgehaven Europe Holdings has agreed to acquire SureStone Insurance DAC, a Dublin-based insurer, marking its entry into the EU market.

This acquisition represents Bridgehaven’s initial move towards establishing a regulated underwriting operation within the EU.

Following the transaction, SureStone will become Bridgehaven’s first subsidiary in the region, allowing the company to underwrite risks in Europe via the managing general agent (MGA) sector.

SureStone, which entered run-off at the end of 2019, previously specialised in property and casualty (P&C) lines.

Bridgehaven has assured that it will uphold all existing financial and regulatory commitments to policyholders, claimants and business partners.

The company aims to leverage this acquisition to cater to the demand for EU-based commercial and specialty insurance products across all 27 EU member states.

Currently, Bridgehaven generates more than £350m ($469.1m) in binder premium through its partnerships and arrangements with UK MGAs.

The MGA market within the EU is set to grow to £50bn (€57.67bn) in premium volume over the next three to five years.

Bridgehaven CEO Paul Jewell said: “Going forwards, we will support MGAs who require EU commercial and specialty products across the 27 EU states.

“Our aspiration is to be the leading hybrid insurer supporting MGAs, linking quality reinsurance capital to a diversified and profitable portfolio.”

The deal requires regulatory approval and the fulfillment of standard closing conditions.