MGA Nirvana renews MTC binding authority
Specialty managing general agent (MGA) Nirvana has announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £10mn Media Liability line.
It has also expanded authority in Technology and Cyber lines, including new coverage for the financial software industry.
Additionally, Nirvana MTC has expanded SCOR’s and Argenta’s panel with two more leading Lloyd’s syndicates, taking the total number of capacity panellists to seven.
“This is a great result for our portfolio, which is now entering its 8th year,” said Executive Chairman and Head of Media, Tech & Cyber, Rob Jones, who formed Nirvana Risk Partners in 2017 as a division of the Castel Underwriting Agencies MGA formation platform.
He continued: “We are particularly excited about the continued support we receive from our excellent capacity partners as well as the two new Lloyd’s market relationships we are adding, which reflects our strong performance over the years as well as supporting our exciting plans for continued growth into differentiated, niche lines into 2025.”
In March 2023, Jones and Kabir Chanrai – an insurance-focussed private equity entrepreneur – purchased Nirvana from Castel in a management buyout and launched the platform.
In September 2023, Nirvana announced it had launched a Warranty and Indemnity (W&I) insurance portfolio for SMEs in Europe industry under the leadership of industry veteran Thomas M. Mannsdorfer as part of its leadership team to build out a European underwriting business.
According to Jones, this renewal is the best possible outcome for the business as it facilitates its continued growth strategy into Nirvana’s Media E&O product.
The renewal also helps Nirvana with its plan to write more micro/SME media accounts in particular in the entertainment and production sectors with a broader territorial footprint, Jones also noted.
““Combined with the distribution and product synergies we will experience alongside the launch of the European Cyber binder, which we are very keen to leverage, this is a very exciting time for the business as a whole,” he added.
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