Acrisure acquires tech MGA Modus
Acrisure has acquired Modus Underwriting (Modus), a technology driven managing general agent (MGA).
The exact details of the transaction were not disclosed.
Modus is an insurance provider that unites traditional insurance disciplines with technology to offer fully automated, e-traded insurance products for its partner brokers. Modus will be part of Acrisure UK MGA (AUK).
“Modus’ tech and data-led approach is uniquely aligned with Acrisure. I am pleased to welcome their team to what we’re building for our clients and partners in the marketplace,” said Mark McIlquham, president of Acrisure UK.
Modus is now a subsidiary and appointed representative of AUK, which was relaunched this year following the hiring of Nigel Palmer who brought with him 30 years of industry experience. Modus will operate under its existing brand and management team, led by Simon Read and Scott Banks.
Commented Scott Banks: “Acrisure is the perfect home for Modus. Acrisure’s team, reputation and tech capabilities will help us take our business to the next level.”
Said Simon Read: “We are thrilled to have joined Acrisure and we look forward to showing our partner brokers and their clients the power of this partnership.”
AUK offers a full suite of commercial and personal lines products. Together, AUK and Modus will work together to ensure that partner brokers can offer their clients the best all-around insurance solutions.
McIlquham concluded, “Our partnership with Modus, with their specialism in property, complements our current AUK capabilities which have been historically more liability orientated - enabling us to offer a full suite of products to our broker partners.”