Bridgehaven Europe Holdings Ltd., a UK-based insurer specializing in commercial and specialty lines, is set to acquire Dublin’s SureStone Insurance DAC. The terms of the deal have not been disclosed, and the acquisition still needs regulatory approval before it can be finalized.
SureStone, which has been in runoff since the end of 2019, focused on property and casualty risks. With this purchase, Bridgehaven will gain its first European subsidiary underwriting risks across the European Union. This move positions Bridgehaven to tap into the growing MGA (Managing General Agent) market in the EU, which the company expects to reach £50 billion in premium within the next three to five years.
Paul Jewell, CEO of Bridgehaven, highlighted the significance of this step. Since launching less than two years ago, Bridgehaven has built a business managing over £350 million in premium through its UK MGA partners. The acquisition of SureStone will help Bridgehaven extend support to MGA partners seeking commercial and specialty products throughout the 27 EU member states.
Bridgehaven promises to honor all existing commitments to SureStone’s policyholders and partners. The company’s strategy focuses on linking strong reinsurance capital with a wide-ranging and profitable portfolio, aiming to become a leading hybrid insurer in the MGA space.
Founded in July 2023, Bridgehaven Specialty UK Ltd. operates as a fully owned subsidiary of Bridgehaven Europe Holdings Ltd., and both trade under the brand Bridgehaven Insurance. This acquisition marks an important step in the company’s European expansion and growth in specialty insurance markets.