Devonshire Underwriting GWP reaches 12.7 million pounds since launch
By Ryan Hewlett
Feb 24 - (The Insurer) - London-headquartered transactional risk MGA Devonshire Underwriting achieved gross written premium of 12.7 million pounds ($16.1 million) in its first nine months of operation.
The figures were unveiled in a trading update filed on Monday by AIM-listed venture capitalist BP Marsh, the founding backer of Devonshire.
Devonshire was formally launched in April 2024 with the ability to deploy up to 35 million euros of capacity per line for transactional risks.
The startup was founded by a quartet of former Ambridge transactional risk executives: Natasha Attray, James Dodd, James Fletcher and Charles Turnham.
BP Marsh acquired a 30% cumulative preferred ordinary shareholding in Devonshire for 300,000 pounds alongside a loan facility of 1.7 million pounds in March 2024.
“Devonshire continues to establish itself as a specialist underwriting agency, concentrating on transactional risks, including warranty and indemnity, specific tax, and legal contingency insurance,” BP Marsh said in the trading update, disclosing that Devonshire achieved GWP of 12.7 million pounds in its first year of operation.
BP Marsh noted that Devonshire has made a number of strategic hires, expanding the MGA’s capabilities and expertise.
Late last month the MGA appointed Robin Muir as head of contingent risks. As reported by The Insurer at the time, Muir was Devonshire's tenth employee.
Last month the MGA appointed Kate Nolan as a tax associate, primarily working alongside Attray, whose core focus is on Devonshire’s tax insurance offering.
The MGA has pursued an ambitious build-out since launching last year, announcing in June 2024 that it had received approval from Lloyd’s to expand writing transactional risk business into the European markets.
Comprising Devonshire UW Limited and its affiliate Devonshire UW Europe GmbH, the MGA is now able to serve key European markets, including the Nordics, Germany, France, Spain, Benelux and Italy, among others.
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