MS Amlin Underwriting has announced the completion of its acquisition of the International Transportation and Marine Office, LLC (ITMO), as well as its associated subsidiaries.
This acquisition represents the launch of MS Amlin’s new strategy to target high growth in the US specialty MGA market.
The International Transportation and Marine Agency (ITMA), the primary subsidiary, was founded in 2001, and provides marine and other specialty lines of insurance.
On the acquisition, Johan Slabbert, CEO of MS Amlin, said: “We’re excited to be launching a new, US MGA focused strategy as we continue on our journey to create a more modern, relevant, profitable and client-focused business built on providing cover for complex risks where underwriting expertise is critical.
“The US speciality market represents a significant opportunity to complement our existing portfolio, balancing the current volatility of catastrophe risk by investing in quality, niche risks and broadening the product base for our clients.”
He added: “I couldn’t think of a better business to spearhead our US MGA platform. ITMA is a profitable business with a strong management team backed by a breadth of underwriting expertise and experience.
“Our relationship with the business extends over ten years and this acquisition will secure critical access to the US insurance market, improving links with our distributors and helping us better serve our clients. We look forward to bringing our two teams together.”
Eric Kaitz, chief executive officer of ITMA, said: “Having worked with MS Amlin for the past 10 years, we are confident that our businesses share a strong vision, rigorous underwriting discipline and a commitment to high quality client service.
“MS Amlin’s scale and global distribution will further enhance our growth trajectory and we look forward to joining the team and building on our success.”