Pro to acquire Vibe MGA Management Ltd.
Pro Global Insurance Solutions (Pro), the (re)insurance outsourcing and consultancy specialists, today announces it has signed a sale and purchase agreement to acquire Vibe MGA Management Ltd (VibeMM), the MGA incubator business of Vibe UK Holdings, the owner of Lloyd’s managing agent Vibe Syndicate Management (VibeSM).
The highly complementary transaction is expected to complete in Q2 when the existing team, led by CEO Danny Maleary, will transfer to Pro. The deal supports Pro’s ambition to offer additional expertise and services to its customers.
As part of the agreement, Pro will provide MGA services to VibeSM to support the growth of its core underwriting business.
Artur Niemczewski, CEO of Pro said: “I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients.”
Danny Maleary, CEO of VibeMM said: “Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro’s overall proposition to their customers. This is a great opportunity and we are very much looking forward to joining the Pro team.”
Joe England, CEO of VibeSM said: “We are very pleased to have secured this agreement with Pro, which is well placed to support the continued development of Vibe MGA Management. Pro is a trusted partner with which we will maintain a close working relationship.”
Terms of the transaction, which remains subject to regulatory approvals, are not disclosed.
ENDS
Pro media contacts
Roddy Langley
Lysander PR Limited
07740 633 296
Helen Wright
Lysander PR Limited
07842 729 579
Vibe media contact
Peter Rigby /Richard Adams, Haggie Partners
0207 562 444
About Pro Global:
Pro is a leading international consultancy and service provider that focuses on delivering flexible outsourcing solutions for live and run-off business, operational consultancy and audit services exclusively to the global re/insurance industry.
Founded in 1993, Pro has some 160 clients spanning the global insurance market, including insurers, reinsurers, brokers, lawyers and corporate investors.
The company has over 500 employees around the world, with recent geographic expansion in Germany and North America. Pro has offices in London, Cologne, Zurich, New York and Buenos Aires, all supported by regional delivery centres, enabling Pro to act for clients across multiple markets, cultures and territories.
About Vibe Syndicate Management
Vibe Syndicate Management is a Lloyd’s managing agent, the principal business within a multinational non-life insurance and reinsurance group. Vibe manages Syndicate 5678 at Lloyd’s.
Syndicate 5678 was established in 2007 and became one of the leading providers of legacy solutions through Reinsurance to Close (RITC) of open years. Today, the Syndicate underwrites a broad range of insurance and reinsurance business, including Accident & Health, Financial Institutions, Professional Indemnity, Accident & Health Treaty, Casualty Treaty, Property Treaty, Credit, Surety, Political Risk & Terrorism, North American Specialty Programs and Property Direct & Facultative.