Avatar MGA Ltd (Avatar) has secured approval as a Lloyd’s coverholder and from the UK’s Financial Conduct Authority (FCA) and will start binding business on August 1, 2025.
The new managing general agent will focus on US direct and facultative property insurance, with backing from three syndicates at Lloyd’s, support from the Aon reinsurance team, and investment from South African insurer Santam.
The MGA aims to underwrite US mid-market property risks with total insured values ranging from US$25 million to US$1 billion. Its model combines data-driven technology with experienced underwriting, supported by Verisk analytics, to assess both primary and secondary catastrophe exposures.
The leadership team includes chief executive officer designate Simon Clapham, chief operating officer Adrian Williams (pictured above) and head of property Clare Bailey.
“We established Avatar to meet demand in US mid-market property risks, creating an efficient underwriting business both in terms of economics and speed. We are grateful for the support we have received from Santam, the Aon Reinsurance team, our carriers at Lloyd’s and Verisk, enabling us to launch our underwriting proposition to the market,” Williams said.
Gareth Beaver, chief executive officer of Santam Specialist Solutions, said the partnership with Avatar would help diversify Santam’s geographic reach and business portfolio. Santam is one of South Africa’s largest short-term insurers with more than 20% market share.
“This strategic investment, together with our new Lloyd's-based Santam Syndicate 1918, is an important lever in achieving our 2030 FutureFit strategic goals, of which international growth and diversification are key,” Beaver said.
Market participants have noted that Avatar’s entry follows a similar trajectory to other London-based MGAs that recently secured Lloyd’s coverholder status. These firms have been expanding into specialty classes like forestry, cyber, and international property, using delegated authority to address niche risks.
Other new MGAs that have joined the Lloyd’s coverholder network have implemented specialist teams focusing on sub-sectors within property or casualty markets to maximise underwriting efficiency.
Lloyd’s has previously plans to shorten approval timelines for coverholder applications, targeting a 24-hour process for certain classes of business. This initiative is designed to increase speed-to-market for MGAs and encourage the adoption of data-led underwriting models.
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