UK construction portfolio also ring-fenced from deal.
Fusion’s sports, leisure and entertainment (SLE) team has moved across to Geo Specialty, part of Geo Underwriting, for the launch of a new unit.
The changeover came just over a month after the Ardonagh Group agreed to sell its commercial managing general agent (MGA) businesses – including Fusion – to Arch UK Holdings for up to £31m.
A spokesperson for Ardonagh confirmed that the SLE team were identified and ring-fenced from the deal with Arch.
They added: “In addition we had also identified the UK construction portfolio and have also ring-fenced this from the deal.”
The SLE team will be led by Craig Morgan and Insurance Age understands the process first began in June.
The unit is currently on target to write £6m of business by the end of this year. It specialises in cover including: property, equipment, business interruption, employers’ liability, D&O and commercial legal protection.
Geo noted that much of the offering was fully self-service for brokers with web enabled quote and buy currently available for three products.
Morgan commented: “Its [Geo Specialty’s] exclusive focus on specialist, underwriter led business will be a natural fit for our team, which has unrivalled sector knowledge and outstanding relationships with our brokers.
“We will be able to better serve our UK brokers, by leveraging the expertise of the business’ other specialist classes and developing even more comprehensive product offerings.”
Nick Grazier, managing director of Geo Specialty added: “We are an ambitious business with plans for significant growth and the new team share our absolute focus on sector knowledge, broker relationships and expert underwriting.
“I have no doubt they will contribute materially to the performance of Geo and I look forward to watching them succeed as we see our specialist business grow from strength to strength.”
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