UK Specialty MGA Nirvana Launches With ‘Ambitious Growth Plans’

Nirvana, a London-based managing general agent, has launched in London after acquiring leading media, tech and cyber underwriter, Nirvana Risk Partners, from the MGA formation platform Castel Underwriting Agencies in a management buyout.

Nirvana, which is backed by a number of leading insurance carriers, has been set up by Founding Directors Kabir Chanrai and Rob Jones. Chanrai has a background in insurance-focused private equity, and Jones has 25 years’ of underwriting expertise in the London and global markets, including at Hiscox, as well as a portfolio management role at AXIS Capital.

“This is an exciting time to be launching the platform,” said Chanrai. “We have fantastic backers, an ‘underwriting first’ mindset, and are building a company with a unique culture. We have backing from well-known, professional investors who are committed to a long-term holding period, in addition to significant committed capital to pursue our growth strategy.”

“We have ambitious growth plans,” said Jones. “In addition to having a broad breadth of underwriting expertise to offer our clients, we have excellent security and carrier relationships, and a portfolio which is reaping the rewards of the strong market environment.”

Jones formed Nirvana Risk Partners in 2017 as a division of the Castel Underwriting Agencies MGA formation platform.

Nirvana is focused on the London Market, and serving clients’ complex risk needs through its broker partners. About 65% of its business comes from North America, but the company has ambitions to grow both in the U.S. and Europe, as it attracts underwriters and adds new products.