Ian Cook's Quarterly update

Ian Cook, Managing Director of MX

In this quarterly update series, I will reflect on the previous quarter, looking at recent MX performance and strategic direction. MX is pleased to report a robust financial performance for Q2 2024, demonstrating progressive inroads in both the UK and European markets. Despite a highly competitive landscape, our commitment to frequent broker communication, solid distribution strategies and unwavering tenacity, has provided a strong foundation for continued success in the second half of the year.

Strategic partnership with Accredited

In early June, we announced that we have secured long-term, stable, A-rated capacity* through our strategic partnership with Accredited, enhancing our capacity across the UK and Ireland. This partnership allows us to be more relevant to our brokers with:

• Long-term stability and reliability.
• A multi-product and multi-territory arrangement ensuring versatility and growth.
• Increased underwriting firepower for higher limits of indemnity and sums insured.
• Enhanced flexibility for new products and acquisitions.

We will be engaging with our broker partners to discuss the specific benefits and strategic planning associated with this new capacity.

This collaboration underscores our commitment to profitable growth and delivering exceptional value to our broker partners and clients. As a dynamic and data-driven MGA, MX prides itself on its people-focused approach and industry expertise. We are excited about the opportunities this alliance presents and remain dedicated to our stakeholders' needs.

M&A activity

As part of our ongoing growth strategy, we are pleased to welcome two new MGAs into MX: TriStar Special Risks and Trilogy Underwriting. TriStar Special Risks introduces standalone Terrorism insurance to our portfolio, while Trilogy Underwriting complements our Property and Casualty offerings, primarily serving the London wholesale market. These additions enhance our product range and market reach, further solidifying our position as a leading MGA.

Regional growth for MX Commercial

Leveraging the quality and strength of MX Commercial, we are embarking on a regional growth initiative to extend our presence beyond the Southeast and East Anglia. More details will follow in the coming months, but this expansion aims to bring our exceptional service and product offerings to a wider audience across the UK.

Talent acquisition

As MX continues to grow, we are on the lookout for new underwriting talent to join our teams both in the UK and Ireland. With over £110M of GWP, we offer exciting opportunities for professionals seeking to contribute to a dynamic and innovative environment. If you’re interested in joining us, visit our website or reach out to me on LinkedIn or by email.

Looking forward

Our strong foundation and strategic initiatives position us well for continued growth and success for the second half of 2024 and beyond. We are excited about the future and remain committed to delivering exceptional service and innovative solutions to our broker partners and clients across Europe.

Find out more about our services or get in touch with one of our MX teams.

*A rating by AM Best, 2024