
Waste management MGA partners with fronting insurer
Managing general agency Criterion has formed a partnership with hybrid fronting insurer Bridgehaven Specialty UK in a deal that will see the insurer provide A-rated capacity to underwrite waste management and recycling risks.
Criterion, an Australian waste management and recycling MGA, is part of specialist MGA services platform OneAdvent.
OneAdvent said fronting has been a successful feature of the US MGA market for many years and, over the last 18 months this model has made its mark on UK and EU MGA capacity decision-making.
Founded in 2023, Bridgehaven is the first UK hybrid fronting insurer to bring capacity to the UK market for specialist MGAs. By facilitating direct relationships between MGAs and reinsurers, it looks to create a collaborative risk-sharing model that promotes innovation and growth.
Criterion Underwriting was established in Australia in 2019, servicing the Australian and New Zealand waste management and recycling markets.
In March 2023 the Criterion team launched their UK MGA with OneAdvent to create an underwriting hub for the UK and European markets, led by Stuart Kinsella. With existing strong relationships with reinsurers, Bridgehaven provided the missing piece in the puzzle to provide quality capacity to their broker partners.
Tim Quayle, OneAdvent CEo, said: “We are really excited by the opportunities the newly established UK hybrid fronting model presents to MGAs on our platform. This deal with Bridgehaven has brought new capacity to the waste management and recycling market to help Criterion differentiate itself. We hope this is the first of many fronted binders for our specialist MGAs.”
Paul Dilley, Chief Underwriting Officer at Bridgehaven added: “We see a huge opportunity with OneAdvent and are delighted to be supporting Criterion as they develop their specialist re-cycling insurance offering.
“We are on a mission to reshape the future of insurance and relationships like these are integral to delivering that.”
Stuart Kinsella, Underwriting Director at Criterion commented: “In recent years the insurance market has struggled to meet the increasing demand and complexity of waste and recycling service providers.
“With the new Bridgehaven capacity we will address this need with significant line sizes and risk appetite, bringing new and responsive solutions to this complex and dynamic market.”
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