Exclusive: Euclid launching London-based finpro MGA led by CNA Hardy's Dexter

By James Thaler

May 15 - (The Insurer) - Euclid Insurance Services is launching a London-based financial and professional risks MGA led by ex-CNA Hardy executive John Dexter, alongside Talbot's financial institutions head Ben Phillips and former Newline professional indemnity head Chris Savvas.

A company spokesperson confirmed that the professional indemnity, financial institutions and management liability venture will launch at the end of May, with a focus on insureds domiciled globally outside the U.S.

The aim of Euclid Financial and Professional Risks (Euclid FP) is to complement the existing appetite and strategies of other Euclid-owned MGAs.

Joe St John has also joined Euclid FP as senior professional indemnity underwriter and James Sterling has been appointed claims counsel.

Dexter founded Euclid FP as managing principal at the end of last year. He previously spent more than six years at CNA Hardy, most recently serving as head of financial institutions, management liability and transactional liability for the insurer’s Lloyd’s, UK and continental European operations.

Before that he spent six years with Travelers as head of financial institutions for the UK and Lloyd's, having earlier held London-based broking roles with Willis, Aon, JLT and Marsh.

Phillips, who is due to join Euclid FP as a principal next month, has spent the last two years at Talbot, most recently as head of financial institutions. He previously spent nearly a decade with Brit, where he had been co-head of financial institutions.

Savvas will serve as a principal at Euclid FP having previously worked at Travelers, QBE, Chubb and most recently Newline Syndicate, where he had global P&L responsibility for the professional indemnity portfolio.

St John joined Euclid FP last month after a decade with IGI, where he had been a senior professional indemnity underwriter,. Before that he was at Lockton for nearly seven years.

Sterling joined Euclid FP this month after spending the last two years as head of claims for Kayzen Specialty. He has also held senior roles at Aspen, Neon, XL Catlin and CMS Cameron McKenna.

Euclid FP is the latest in a series of specialty MGUs and programs launched on the Euclid platform. Earlier this year, the company launched Euclid Cyber, led by former Munich Re executives Annamaria Landaverde and Colette Fearon.

Before that the platform set up Euclid Mortgage, an MGU led by sector veterans Joe Monaghan, Joe Hissong and Ken Bjurstrom. The business underwrites mortgage credit risk on behalf of insurers and reinsurers, as first revealed by sister publication The Insurer.

In April this year, Program Manager revealed the launch of Euclid Marine, led by Brian Pullen and Jason Gomez.

Other businesses on the platform include Euclid Transactional, Euclid Public Sector, Euclid Design Underwriters, Euclid Financial, Euclid Life Science Specialty, Euclid Surety and Euclid Security.

Under its partner model, Euclid typically takes a 51% stake, with investing managers in the individual program administrators or MGAs holding the rest.

The John Colis-led parent takes a long-term view on its ownership of the MGAs it launches, but also provides a platform for growth and potential liquidity events if the owner-managers are looking to sell.

Euclid provides significant support in securing capacity from an insurance carrier, as well as helping with the negotiation of the agreement that governs the relationship.

It also provides administrative services such as accounting, IT and HR, freeing the owner underwriting teams up to focus on running the individual MGAs.