Specialty Managing General Agents (MGAs) Nirvana and Pulse have announced plans to merge.
Pulse specialises in non-standard Accident, Health, and Life insurance, offering coverage to individuals often declined by mainstream insurers.
Nirvana underwrites a global portfolio across Media Errors & Omissions (E&O), Tech E&O, Cyber, and Warranty & Indemnity insurance and is a leading media insurer in the London market.
The merger marks the next phase of Nirvana’s strategic growth plan, which includes organic expansion, team hires, and acquisitions.
Both companies have confirmed there will be no team changes as a result of the merger, ensuring brokers and clients continue working with their usual underwriter contacts without disruption.
Kabir Chanrai, Chief Executive Officer of Nirvana, said, “We are delighted to be joining forces with Pulse.
“The Pulse team have built a fantastic business over the past three decades, with a great culture, highly specialised underwriting expertise, and a client-centred approach, helping to provide insurance to individuals who can’t find a solution with mainstream insurers. Our long-term, committed capital from our deep-pocketed investors enables us to provide liquidity to the original shareholders and retired founders of Pulse, while bringing the Pulse management team into our partnership model as co-leaders of the business.”
Torquil McLusky, Managing Director of Pulse, stated, “We are excited about the next phase of development for Pulse in partnership with Nirvana.
“The additional financial firepower that Nirvana provides will allow us to grow and evolve much more quickly than would have been possible on our own. Right from the start, we felt that the chemistry was right with Kabir, Rob and their team. We are delighted to be coming together with such a like-minded business and can’t wait to take things forward.”
Rob Jones, Executive Chairman of Nirvana, added, “Pulse’s underwriting-first philosophy aligns perfectly with Nirvana’s and we are excited to begin working with their talented and dedicated team.”
The merger is subject to regulatory approval from the FCA and FSMA in Belgium.
The post Specialty MGAs Nirvana and Pulse to merge appeared first on ReinsuranceNe.ws.
