British specialist re/insurer Pro Global Insurance Solutions has reached an agreement to buy Vibe MGA Management (VibeMM) for an undisclosed sum.
Vibe MGA, which was launched in 2017, operates as an MGA incubator business of Vibe UK.
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Pursuant to the terms of the agreement, Pro will deliver MGA services to Vibe Syndicate Management (VibeSM) to support the growth of its core underwriting business.
The transaction is scheduled to be concluded in the second quarter after completion of transfer of Vibe’s existing employees to Pro Global.
Pro Global Insurance Solutions CEO Artur Niemczewski said: “I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients.”
VibeMM CEO Danny Maleary said: “Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro’s overall proposition to their customers. This is a great opportunity and we are very much looking forward to joining the Pro team.”
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By GlobalDataUpon completion of the transaction, VibeMM will be renamed Pro MGA Solutions Ltd in UK and will continue to be managed by CEO Danny Maleary.
Simultaneously, Pro Global will establish Pro MGA Solutions Inc in the US.
With this move, Pro Global Insurance will enter the insurance distribution services sector in the US and the UK.
