MARINE MGA FIDUCIA PARTNERS WITH BERKSHIRE HATHAWAY

UK marine cargo underwriting agency (MGA) Fiducia reported strong growth last year, and has since entered into a partnership with Berkshire Hathaway Specialty Insurance (BHSI). According to private equity firm BP Marsh, which has a 35% stake in Fiducia, the MGA expects to grow by more than 30% this year, having underwritten total insurance premiums of £17.4m last year. Additional investment from BP Marsh has seen Fiducia develop new facilities across several markets, including marine trades, terrorism, engineering, fine art and specie and marine equipment. Over the past year, Fiducia has also developed a commercial relationship with BHSI, which became the new lead insurer on Fiducia's UK cargo and freight facility. A number of other A rated insurers sit behind BHSI on this facility.