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The consortium backing the MGA is led by Axa XL Syndicate 2003. -
Ascot will evaluate other options for its ~$140mn-premium transactional liability unit.
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The executive will report to London-based BMS director Alex Shephard.
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Earlier this year, this publication reported that Jetty was looking for capacity to replace Farmers.
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The wholesaler is shifting its business mix towards delegated underwriting, which should help sustain growth.
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Lea is responsible for Embroker’s underwriting practices, including paper and reinsurance relationships.
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In tandem, Mike Falvey will transition to executive chairman, effective January 1.
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The acquisition includes up to $400mn of performance-based contingent considerations measured through 2026.
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The announcement confirms news this publication revealed in July.
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This expansion will protect against risks faced by transportation and logistics businesses.
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The executive brings 24 years of experience to the role.
