Managing General Agents (MGAs) Nirvana and Pulse have officially completed their planned merger, following regulatory approval from the Financial Conduct Authority (FCA). Financial terms were not disclosed.
The newly combined entity established a significant specialty MGA platform with enhanced capabilities across five lines of business: Media, Technology & Cyber, Accident & Health, Non-standard Life, and Sports.
Its 40 employees will be operating across offices in London, Norwich, Brackley in the UK, Barcelona, Spain, Brussels, Belgium, and Zug in Switzerland.
“We are thrilled to have completed our merger and to be joining forces with Pulse,” said Kabir Chanrai, Chief Executive Officer of Nirvana. “This deal makes us an even stronger home for ambitious and experienced underwriters and enhances our ability to execute on
both team hires and select acquisitions.”
Torquil McLusky, Managing Director of Pulse, added: “We are delighted to be coming together with Nirvana and look forward to building the business. Kabir and Rob are great partners with whom we can achieve even more.”
Rob Jones, Executive Chairman of Nirvana, added: “This is an important step forward for Nirvana and we are delighted to be joining forces with Pulse and their talented team to create this underwriting-first specialty MGA platform in the UK and Europe.”
According to the announcement, there will be no changes to the teams within either of the businesses as the result of this transaction.
Brokers and clients can expect uninterrupted service and will continue to work with their usual underwriter.
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