MS Amlin, today announces an agreement to acquire US Managing General Agency (MGA) International Transportation and Marine Office, LLC (ITMO) and its associated subsidiaries as part of a new strategy to provide access to high quality specialty MGAs in the US – the largest MGA market in the world. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
Following a significant period of transformation, the acquisition demonstrates the evolution of MS Amlin’s strategic ambitions, supported by its parent MS&AD Group, building selectively on its core portfolio and balancing its catastrophe exposure by investing in the high growth US speciality MGA market. By targeting mid-size, strongly performing niche MGAs underwritten by capacity from highly rated carriers, MS Amlin will provide its clients with a broader suite of products whilst deepening distribution links in a key region.
Founded in 2001, the primary subsidiary International Transportation & Marine Agency, LLC. (ITMA) provides marine and other specialty lines of insurance. ITMA, which will write business into Syndicate 2001, specialises in light commercial trucking and offers coverage for auto physical damage and motor truck cargo products unbundled from the auto liability exposure. ITMA partners with appointed producers, at both the wholesale and retail levels, and all coverage is placed through A-Rated or better licensed insurance carriers.
Don Kaitz will retain his role as chairman of Arizona headquartered ITMA, and the business will continue to be led by Eric Kaitz, Chief Executive Officer and remain a stand-alone MGA business.