Bridgehaven Europe to acquire Irish insurer SureStone
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.
"Bridgehaven Europe to acquire Irish insurer SureStone" was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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