MX Underwriting Europe continues strong financial performance and growth in Q2 2024
Ian Cook, Managing Director of MX
In this quarterly update series, I will reflect on the previous quarter, looking at recent MX performance and strategic direction. MX is delighted to announce a strong financial performance for Q2 2024, marked by significant advancements in our UK and European operations. Despite facing a competitive market environment, our dedication to frequent broker communication, solid distribution and tenacity has set a strong foundation for the second half of the year.
Strategic partnership with Accredited
In early June we announced that we have secured long-term, stable, A-rated capacity* through our strategic partnership with Accredited, enhancing our capacity across the UK and Ireland. This partnership allows us to be more relevant to our brokers with:
- Long-term stability and reliability
- A multi-product and multi-territory arrangement ensuring versatility and growth
- Increased underwriting firepower for higher limits of indemnity and sums insured
- Enhanced flexibility for new products and acquisitions
We will be engaging with our broker partners to discuss the specific benefits and strategic planning associated with this new capacity.
This collaboration underscores our commitment to profitable growth and delivering exceptional value to our broker partners and clients. As a dynamic and data-driven MGA, MX prides itself on its people-focused approach and industry expertise. We are excited about the opportunities this alliance presents and remain dedicated to our stakeholders' needs.
Expansion in Europe
Our new capacity now gives us more firepower in Ireland. We are engaging with new broker partners and further supporting existing brokers in Ireland with our full product suite to help them retain and win new clients. Additionally, the MX Risk Solutions team now has the ability to write business in the Benelux territories, alongside France, Germany and Ireland, focusing on our Public Law and Title to Shares solutions. The Benelux region is expected to be a significant area of growth for our Title business.
Over in the UK, we are pleased to welcome two new MGAs into MX as part of our ongoing growth strategy. TriStar Special Risks introduces standalone Terrorism insurance to our portfolio, while Trilogy Underwriting complements our Property and Casualty offerings, primarily serving the London wholesale market.
Talent acquisition
With MX continuing to grow across the UK and Europe, we are on the lookout for new underwriting talent to join our teams. Boasting over £110M of GWP across MX, we offer a dynamic and innovative environment for professionals seeking new challenges. If you’re interested in joining us, visit our website or reach out to me on LinkedIn or by email.
Looking forward
Our strong foundation and strategic initiatives position us well for continued growth and success for the second half of 2024 and beyond. We are excited about the future and remain committed to delivering exceptional service and innovative solutions to our broker partners and clients across Europe.
Find out more about our services or get in touch with one of our MX teams.
*A rating by AM Best, 2024
