The MGA arm of Chedid has announced the acquisition of UK-based Trilogy Managing General Agents.
Chedid Europe Insurance & Reinsurance Brokerage bought the firm outright from Resolution Underwriting Holdings.
The acquisition is in line with its strategy to grow its business in the United Kingdom while expanding its operations around the globe, the company said.
Founded in 2013, Trilogy MGA is a managing general agent and a Lloyd’s coverholder, underwriting a wide range of classes through appointed representative Trilogy Underwriting.
The company is regulated by the UK’s Financial Conduct Authority, and it will trade under the name “Milestone Risk Solutions Ltd”.
Chedid Capital is a leading investment group in the insurance and reinsurance fields. The group operates across Europe, Middle East, Africa, and South Asia.
“We are very proud of this acquisition and to see our group reinforcing its international presence in the important London market,” said Farid Chedid, chairman and group CEO of Chedid Capital.
“An underwriting presence in this marketplace will enable us to align ourselves more closely with the international client base that the group serves and will support the group’s strategic expansion across the continents where we operate.
“Furthermore, this development not only broadens our market reach but extends our capabilities and skill sets to provide comprehensive solutions that meet the evolving needs of our diverse clientele,” he added.
Christopher Harman, chairman of Resolution Underwriting, continued: “From our conversations, I am confident that this acquisition is a major milestone in the future of Trilogy as well as in Chedid Capital’s expansion in the London market. We would wish Chedid Capital team good fortune for the future.”
Chedid Capital’s UAE-based reinsurance broking subsidiary, Chedid Re, also a Lloyd’s broker, is among the 20 largest reinsurance brokers in the world.
At the start of September, Chedid Re announced the appointment of Wadih Hardini to the position of head of facultative of its global operations.