Altamont backs launch of tech-driven PA platform Mission UW
Former ESIS president Keith Higdon has unveiled a technology-driven turnkey platform backed by private equity firm Altamont Capital Partners aimed at underwriting teams looking to launch their own programs.
Mission Underwriting Managers describes itself as a tech-driven P&C insurance platform providing entrepreneurial opportunities to underwriting teams and innovation to the underwriting and distribution market.
The platform will act as a licensed insurance general agency with a broad focus across the commercial lines segment.
It has already partnered with a syndicate of AM Best A-rated primary and reinsurance carriers to provide long-term tiered capacity to support underwriting teams it onboards, the start-up said in a statement.
The new vehicle said it will recruit “best-in-class” underwriters and provide them with technology, back-office processes, claims management oversight and risk-bearing capacity so they can focus on meeting customer needs and growing their business.
Mission is offering underwriting teams a significant share in the equity upside created by the performance of their individual programs as well as the platform they operate on, it continued.
The new platform has been launched to allow underwriting teams to take advantage of opportunities from the ongoing disruption in the commercial insurance market, which can often be out of reach because of the challenges of building, running and scaling an underwriting business “due to bureaucratic processes and misaligned risk incentives”.
Commenting on the launch, Higdon said: “Mission Underwriters is a platform that provides underwriting teams a turnkey experience, allowing them to concentrate on their business, unencumbered.
“We look forward to working with entrepreneurial underwriters who seek a path to establishing their units under the Mission Underwriters approach.”
Mission CEO Higdon was most recently president at Chubb’s third-party administration and risk management services arm ESIS.
Higdon has assembled a management team that includes his former ESIS colleague Alex Williams as chief digital officer. Williams was chief information officer and head of technology development at ESIS.
Former Lumen Risk Services CFO Chris Jones has been appointed chief client officer.
Williams said the platform’s digital strategy is to build on the underwriter’s expertise and leverage a suite of innovative technologies “to set our teams apart in the market”.