Bridgehaven has partnered with InsurTech firm distribind to facilitate the former’s aim to write a diverse range of commercial specialty business in the UK.
The alliance aims to support Bridgehaven’s innovative hybrid-fronting model, focusing on providing fronting capacity to MGAs in the commercial and specialty markets while also aligning them with reinsurers.
Bridgehaven Insurance is pioneering a shift in the insurance landscape in the UK. Being the first company of its kind authorised by the PRA, it offers a novel hybrid-fronting model. Their approach aligns MGAs with reinsurers in the commercial and specialty sectors. distriBind, with its state-of-the-art digital capabilities, offers flexible data ingestion of multiple formats.
Their strength lies in maximum automation combined with full data transparency. A prominent feature of their collaboration will be the seamless reporting to MGAs and reinsurers, eliminating manual data manipulations.
Following a competitive tender process, distriBind was chosen by Bridgehaven because of its ability to flexibly handle diverse data formats with utmost automation and clarity. One of the main attractions was distriBind’s superior data handling and analytical prowess, which resonated with Bridgehaven’s emphasis on transparency.
Setting a precedent, Bridgehaven Insurance is uniquely positioned as the first of its type to gain PRA’s authorisation. Their collaboration with distriBind promises a seamless data reporting mechanism to MGAs and reinsurers, enhancing tripartite relationships rooted in mutual trust and collaboration.
distriBind CEO Dave Connors said, “I am incredibly proud of this opportunity to work with Bridgehaven and excited to continue developing our relationship. It’s not every day that a new insurer is authorised by the PRA, much less one with such an innovative model, and for us to have played a small part in supporting Bridgehaven through the approval process is something of which everyone at distriBind is rightly proud.
“We are looking forward to continuing to support their growth in this important market by offering them the automation and data visibility they need to work collaboratively with their MGAs and reinsurers.”
Stefan Nadarajan, COO of Bridgehaven Insurance said, “At Bridgehaven, collaboration and transparency are at the core of our relationships with all our stakeholders. Our partnership with distriBind has not only supported us through our approval process but is also enabling us to create a quick, efficient and robust way to work with MGAs and reinsurers. distriBind’s highly adaptable ingestion and data handling capabilities will support Bridgehaven’s goals to collaborate through clear communication and facilitate our speed of decision making.”
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