Devonshire Underwriting, a UK-based MGA, has announced its expansion into the European market following approval from Lloyd’s.
The MGA specialises in underwriting TR insurance products.
This move allows the company to write business across key European markets, tapping the region’s mergers and acquisitions (M&A) environment and addressing the growing demand for tax and contingent classes.
The European markets that Devonshire will serve include Benelux, Central and Eastern Europe countries, France, Germany, Italy, the Nordics, Poland and Spain.
Devonshire said there is a notable increase in demand for specialised insurance products such as tax and contingent classes across Europe as it is a developed M&A market.
Infrastructure, technology, logistics, healthcare and financial services are among the sectors for large transactions.
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By GlobalDataWith various large deals expected to emerge, the company is positioning itself to be at the forefront of supporting these transactions through its expertise and extensive network.
The MGA was established in April 2024 by four founders and partners – Natasha Attray, James Dodd, James Fletcher and Charles Turnham – who bring a wealth of experience in the transactional liability sector.
Their combined backgrounds encompass more than three decades of underwriting experience and over 15 years in law and tax, equipping them to navigate the complex TR insurance landscape.
Devonshire’s product offerings include warranty & indemnity (W&I) insurance, tax insurance and contingency insurance.
With headquarters in London, Devonshire’s reach extends beyond the UK to Europe, the Middle East, Africa, Asia and the Americas.
The company has the capability to deploy an automatic per-risk line size of up to €35m ($37.66m), under the delegated authority from its insurance partners.
Attray said: “It is great news to have the green light from Lloyd’s to proceed with our European growth plans. We are excited about the market opportunities in Europe and are in the process of expanding our underwriting team to meet the anticipated demand. More updates will follow as we continue to grow.”
Dodd added: “With macroeconomic stability returning to Europe, conditions for transactions are improving, creating an ideal environment for our services. We are well-positioned to support this resurgence in both deal activity and tax, W&I and contingency risk transfer.”