CHARLOTTE, N.C., Feb. 27, 2023 /PRNewswire/ — Amwins, a global distributor of specialty insurance products and services, has announced a new minority investment in Rhodian, an Australian start-up MGA incubator whose focus includes building a network of successful, independent underwriting agencies powered by Rhodian’s technology and capacity relationships and operational services. With a strong shared-equity ethos, Rhodian has developed a framework that empowers agency leaders to have ownership of their brand, product and delivery to market, with the engine room of Rhodian driving their speed to market and growth trajectory.
“We are excited to partner with one of the world’s leading independent insurance firms,” said Simon Lightbody, chief executive officer at Rhodian. “Amwins has a strong and impressive culture, which aligns with our vision. We believe that together we can ensure the Australian agency market continues on its trajectory toward being the strongest supplier of niche products to broker markets.”
Rhodian was born out of a response to the ever-changing Australian agency environment. Barriers for newcomers to the market are becoming significantly more challenging, meaning a reduced flow of entrepreneurial talent entering the market. Rhodian’s goal is to empower these future industry leaders to build agencies that will deliver to the intermediated market with strong products, new technology and a transparent data sharing philosophy that drives positive change.
“Amwins brings significant expertise and experience in the development of MGA offerings,” said Scott Purviance, chief executive officer at Amwins. “Alongside shared cultural values and an independent structure, this partnership provides access to qualified capacity across multiple product lines, putting Rhodian in a prime position for accelerated and sustainable growth.”
There is a new wave of insurance leaders wanting to step up and out of their current environments to embark on the journey of building successful underwriting agencies. This journey requires investment, structure and support in order to be powerful and compelling to the broker market. The hard market environment coupled with more stringent regulatory reporting requirements will dictate that only the most structured agencies will be able to thrive in the marketplace.
“Underwriting agencies are playing an ever-increasing role in delivering strong insurance products to Australia’s broker networks,” said Peter Takos, chief underwriting officer at Rhodian. “Part of our focus is to match both domestic and international capacity with the strongest agency product offering, ensuring the evolving needs of broker clients can be met in a sustainable way.”
Mark Cody, managing director of Amwins Global Risks, said, “This is another great example of Amwins Global Risks bringing new and exciting MGA opportunities to the market. AGR is one of the largest London brokers specialising in delegated authorities and capacity building, with over $2 billion of premium flow annually. We are truly a global broker, and this provides great diversification in territory and class of business. We are excited to work with Rhodian and assist them as they look to build out this innovative business, attracting ‘best in class’ talent.”
About Amwins
Amwins is the largest independent wholesale distributor of specialty insurance products in the U.S., dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company operates through more than 155 offices globally and handles premium placements in excess of $29 billion annually. For more information, visit amwins.com.
About Rhodian
Rhodian is a network of underwriting agencies that creates independent opportunity and the collective capability to shape the future of the insurance industry. By selecting, incubating and supporting the next generation of agency leaders, Rhodian is combining new technologies, a shared-success culture and the strongest talent to redefine Australia’s agency landscape. For more information, visit rhodian.com.au.
For further information contact:
Amwins
Lisa Kuszmar
Telephone: +1.704.749.2780
Email: lisa.kuszmar@amwins.com
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SOURCE Amwins
