Amwins, a global distributor of specialty insurance products and services, has announced a new minority investment in Rhodian, an Australian start-up MGA incubator whose focus includes building a network of successful, independent underwriting agencies powered by Rhodian’s technology and capacity relationships and operational services. With a strong shared-equity ethos, Rhodian has developed a framework that empowers agency leaders to have ownership of their brand, product and delivery to market, with the engine room of Rhodian driving their speed to market and growth trajectory.
“We are excited to partner with one of the world’s leading independent insurance firms,” said Simon Lightbody, chief executive officer at Rhodian. “Amwins has a strong and impressive culture, which aligns with our vision. We believe that together we can ensure the Australian agency market continues on its trajectory toward being the strongest supplier of niche products to broker markets.”
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Rhodian was born out of a response to the ever-changing Australian agency environment. Barriers for newcomers to the market are becoming significantly more challenging, meaning a reduced flow of entrepreneurial talent entering the market. Rhodian’s goal is to empower these future industry leaders to build agencies that will deliver to the intermediated market with strong products, new technology and a transparent data sharing philosophy that drives positive change.
“Amwins brings significant expertise and experience in the development of MGA offerings,” said Scott Purviance, chief executive officer at Amwins. “Alongside shared cultural values and an independent structure, this partnership provides access to qualified capacity across multiple product lines, putting Rhodian in a prime position for accelerated and sustainable growth.”
There is a new wave of insurance leaders wanting to step up and out of their current environments to embark on the journey of building successful underwriting agencies. This journey requires investment, structure and support in order to be powerful and compelling to the broker market. The hard market environment coupled with more stringent regulatory reporting requirements will dictate that only the most structured agencies will be able to thrive in the marketplace.
SOURCE: PR Newswire