London-based Managing General Agent (MGA) Rising Edge has launched. Led by CEO Philippe Gouraud and with Yoel Brightman as managing director, the MGA will focus on directors and officers’ (D&O) insurance.
Bermuda-based Class 4 reinsurer Vantage Risk LTD will provide the “A-“ rated reinsurance capacity for the MGA while Accredited Insurance (Europe) Limited, a Randall and Quilter Group company, also “A-“rated, will provide Rising Edge with the necessary insurance licences to underwrite business.
Most recently having served as the product manager for manager liability at AXA XL, Brightman became involved in the setup of Rising Edge following AXA XL’s decision to cease underwriting activities for manager liability.
“I felt that it was a good time to try to bring additional capacity to London to try to remedy some of the retrenchment that we’ve seen in the market, and to try and help the clients that have been finding it very difficult to complete their programmes,” Brightman said.
To address the challenging market environment and the lack of capacity available, especially in the London market, Rising Edge will try and harness some alternative capital opening up around the world, with the focus on D&O due to a “perfect storm” following 12 years of reducing rates and a soft market along with a near doubling of the frequency of class action being filed and ever increasing cost of defence and settlement.
“With an MGA platform, using licensed paper from accredited, we’re able to harness reinsurance capacity from alternative markets,” he added.
Rising Edge also recently announced four key hires. Miles Murphy, most recently serving as head of operations and transformation services at AIG Asia, will take on the role of finance director and COO, having been involved with the company during their launch phase to design and develop a cutting edge end-to-end platform.
Formerly serving as vice president and US wholesale broker working on financial lines at Marsh, Eleanor Fisher has been appointed underwriter. Jamie Banks also joins as underwriter having most recently served as associate underwriter in the management liability team at Travelers. Owen Dacey, having most recently served as claims manager and regional practice leader, management liability, at AXA XL, has been appointed as head of claims.
“As a new business, the calibre of these new hires confirms our dedication to underwriting excellence,” commented Brightman.