Agman Launches New Tech-Enabled Managing General Agent via $10 Million Investment in Aurenity

Industry veteran Nick Davies will lead E&S-focused MGA

CHICAGO--(BUSINESS WIRE)--
Chicago-based investor Agman has announced the latest addition to its expansive insurance platform with the launch of Aurenity, a new tech-enabled Managing General Agent (MGA) targeting the Excess and Surplus (E&S) market.

Aurenity will deploy cutting-edge underwriting analytics to precisely determine technical pricing for E&S exposures, delivering sustainable profitability for its carrier partners over the market cycle. The new venture has received $10 million in seed investment from Agman.

The company plans to announce its first product during Q1 2022. Aurenity will target Casualty and Professional Liability lines where dislocation exists between market price and technical price and demand outstrips supply given exposure and experience inflation. The company will leverage technology to improve risk insight and make better informed underwriting decisions and will invest in cutting edge AI to capitalize on broader E&S opportunities.

Nick Davies will lead the new company as Chief Executive Officer in addition to his existing role as Operating Partner at Agman, having joined the business in May 2021. Davies has a successful track record as an entrepreneur having built Brit Americas as its first employee to offer a range of E&S and reinsurance business in the U.S. and Bermuda, writing over $1.5bn of cumulative premium.

“Nick Davies is a rare blend of underwriter, executive and entrepreneur. With a proven track record in the U.S., Lloyd’s and Bermuda markets over 25 years, he is already attracting market-leading talent to Aurenity with the vision and relationships to execute a strategy of technology-led underwriting excellence,” said Scott Silverman, Agman’s Founder and CEO. “Agman is built around backing entrepreneurs and we have no doubt Aurenity will flourish under his leadership.”

Aurenity has also appointed Patrick Safino as Chief Operating Officer. Safino was previously Vice President for Strategy and Execution for Travelers Personal Insurance, and prior to that worked at Accenture’s insurance practice. He brings with him a strong pedigree in the development and delivery of data solutions and pricing analytics.

“The market now expects MGAs to deliver more sophisticated pricing and we intend to be at the vanguard of that,” said Davies. “Carriers and reinsurers are embracing data and analytics to optimize their portfolios, but MGA tech has principally solved for distribution over pricing. While automated process can now be delivered efficiently by certain SaaS providers, underwriting profit can’t be outsourced.”

About Aurenity

Aurenity is blending market leading talent with cutting edge underwriting analytics to deliver a new MGA for the E&S market. We were founded by underwriting entrepreneurs and technology experts with a shared love of data and a common interest in industry innovation. We are building a tech-enabled platform to deliver sustainable profit for our carriers and best in class service for our brokers over the market cycle. Aurenity will deliver sophisticated risk insight and portfolio management tools to make smarter underwriting choices. Underwriting performance and distribution scale are not mutually exclusive; we believe they should be symbiotic with the right view of risk. There is a better way and Aurenity is leading it.

About Agman

Agman leverages its permanent capital base to partner with exceptional entrepreneurs building enduring businesses. Since its humble origins nearly a century ago, Agman has grown into one of the largest family-owned investment firms in the United States, with thousands of employees, activities across the country, and expertise in a range of industries. Agman’s portfolio includes hospitality, real estate, crypto and insurance. They are the principal investor in Omaha National, a leading provider of Worker’s Compensation Insurance; Virtus, a fast-growing specialty retail broker and Aurenity, a newly launched tech-enabled MGA in the E&S market.

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Patrick Safino
info@aurenity.com

Source: Aurenity