Marsh group MGA eyes growth as it rebrands as ‘Victor’

Growth

Managing general agent the Schinnerer Group will rebrand as ‘Victor’ and is looking to double the $1bn (£750m) in premiums that it already underwrites.

In the UK, Schinnerer Group owns Bluefin Underwriting, which underwrites roughly $100m in premiums.

The Marsh and McLennan Companies-owned MGA will bring its business units together as a global entity under the Victor name, though US-based ICAT and technology company Dovetail, will retain their brands.

Victor CEO Christopher Shaper said: “By unifying our companies under a global brand and combining capabilities in analytics, underwriting and technology, we will be able to more quickly offer innovative insurance products and services to our clients around the world.”

The move is not expected to lead to any job cuts, Shaper confirmed.

Growth

Shaper said that the group would look to grow through a combination of organic and targeted acquisitive growth, adding: “We are definitely very active at looking at firms in the [mergers and acquisitions] space.

“We do view that is definitely one part in our business proposition moving forward.”

There are some “very good companies” up for grabs or considering a change at the moment, Shaper said, although he declined to name potential targets.

He said there were “tremendous growth opportunities” in the UK market, in addition to the US property and casualty market, and Canada. He added that there were opportunities in Asia and Australia, but these would be developed over time.

Shaper added: “When you reach out you have to have things very, very well organised. If you expand and you do it very quickly and you just try to capture market share, that is when you lose.

“That is not what we are trying to do. We are trying to create a very smooth, profit-based organisation.”

It has no plans to start building capital with the intention of backing itself, Shaper confirmed, with no ambitions to “mirror some of these legacy firms that are out there”.

He added: “When you reach out you have to have things very, very well organised.

“If you expand and you do it very quickly and you just try to capture market share, that is when you lose. That is not what we are trying to do. We are trying to create a very smooth, profit-based organisation.

“We are trying to be twice our size. We need to do that effectively and carefully.”

 

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