LONDON, July 6, 2023 /PRNewswire/ -- Bridgehaven Insurance ("Bridgehaven"), a new hybrid-fronting carrier, today announced that it has officially launched following Prudential Regulatory Authority ("PRA") approval. The UK-based company has the backing of Flexpoint Ford ("Flexpoint"), a private equity firm with significant experience investing in the insurance sector.
Bridgehaven's vision is to become the leading UK hybrid-fronting insurer of commercial & specialty lines, creating a relationship with Managing General Agents ("MGAs") and reinsurers woven together by mutual trust and collaboration. The Company believes it has an innovative model that fosters open dialogue amongst all partners, emphasising the importance of each one's role in the collective journey towards achieving growth and success.
The Company supports MGAs and programme managers who have demonstrated a track record of profitable underwriting results and a focus on commercial and specialty risks. By offering a flexible risk appetite, Bridgehaven aims to help them flourish and reach their potential.
Bridgehaven considers itself as responsible for delivering the overall underwriting result, acting in the best interest of reinsurers. By aligning with select MGAs, all parties adopt a shared risk approach, which, when coupled with the model's transparent nature, aims to ensure that reinsurers are adequately informed about the risks they are undertaking. This will enable them to operate in the UK market, confident that underwriting profitability is a key driver of success for all parties.
Bridgehaven's senior management team includes executives with a track record of building and operating insurance companies. The Company will be led by Paul Jewell, Chief Executive Officer, a seasoned professional with over 30 years of experience with global P&C insurance carriers and MGAs.
"We are tremendously excited about the potential of our model. Bridgehaven is here to redefine the UK insurance landscape through meaningful, collaborative partnerships with insurers, MGAs, and reinsurers. The hybrid-fronting model grants MGAs the freedom to focus on underwriting exceptional insurance products, whilst reinsurers can depend on Bridgehaven to manage the underwriting process," said Paul Jewell. He continues, "In addition, having Flexpoint's support will provide the capital and strategic advice needed to build a recognised provider in the UK insurance market."
Chris Ackerman, Managing Partner of Flexpoint commented: "We have studied the emergence of the fronting model for several years and are excited to partner with the Bridgehaven team to develop a much-needed fronting solution for the UK specialty commercial insurance market."
Dominic Hood, Managing Director of Flexpoint, added: "We understand the challenges and needs of both MGAs and reinsurers and believe Bridgehaven can offer an independent solution built on modern technology."
Flexpoint has a long track record of investing in the insurance value chain including regulated underwriting companies, program managers, reinsurance platforms, and distribution. Flexpoint's other current and former investments in the insurance industry include Alera Group, American Strategic Insurance, GeoVera, Propel Insurance, SageSure, Vale Insurance Partners, VeriClaim, and TigerRisk Partners.
Howden Tiger Capital Markets & Advisory acted as financial adviser to Flexpoint. Mayer Brown LLP and Kirkland & Ellis LLP acted as legal counsel to Flexpoint Ford. Eversheds Sutherland LLP acted as legal counsel to Bridgehaven management and employees.
About Bridgehaven
Bridgehaven Specialty UK Ltd, located in London is authorised by the PRA for all classes of general insurance business. Registered number 12782688 / Registered Address: One Wood Street, London, England, UK, EC2V 7WS
Bridgehaven Specialty UK Ltd is a wholly owned subsidiary of Bridgehaven Europe Holdings Ltd and the group of companies will trade under "Bridgehaven Insurance." For more information visit: www.bhvn-ins.com
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has approximately $7.5 billion of regulatory assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments across a broad range of investment sizes, structures and asset classes. Flexpoint Ford has offices in Chicago, Illinois, and New York, New York. For more information, visit www.flexpointford.com.
Media Contacts
Simone Fassom, PR Consultant at Free Partners on behalf of Bridgehaven Insurance
Email: simone@freepartners.com
Prosek Partners on behalf of Flexpoint Ford
Email: pro-flexpointford@prosek.com
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