Pro Global Insurance Solutions (Pro), the (re)insurance outsourcing and consultancy specialists, today announces it has signed a sale and purchase agreement to acquire Vibe MGA Management Ltd (VibeMM), the MGA incubator business of Vibe UK Holdings, the owner of Lloyd’s managing agent Vibe Syndicate Management (VibeSM).
The highly complementary transaction is expected to complete in Q2 when the existing team, led by Danny Maleary, CEO, will transfer to Pro. The deal supports Pro’s ambition to offer additional expertise and services to its customers.
As part of the agreement, Pro will provide MGA services to VibeSM to support the growth of its core underwriting business.
Artur Niemczewski, CEO of Pro said: “I am pleased to announce the acquisition of VibeMM. Its highly experienced team brings a wealth of specialist knowledge that will allow us to provide a valuable additional means of supporting our clients.”
Danny Maleary, CEO of VibeMM said: “Pro offers an excellent platform and expertise that will help accelerate the business’s development while enhancing Pro’s overall proposition to their customers. This is a great opportunity and we are very much looking forward to joining the Pro team.”
Joe England, CEO of VibeSM said: “We are very pleased to have secured this agreement with Pro, which is well placed to support the continued development of Vibe MGA Management. Pro is a trusted partner with which we will maintain a close working relationship.” Terms of the transaction, which remains subject to regulatory approvals, are not disclosed.