Managing general agent Nirvana announced it is acquiring Pulse, an MGA specializing in non-standard accident, health and life, and sports & leisure insurances.
Financial terms of the deal were not disclosed.
Nirvana underwrites a global book of business across media errors & omissions (E&O), tech E&O, cyber, and warranty and indemnity lines of insurance, and is one of the leading media insurers in the London market, , noting that it is growing its business through a combination of organic growth, team hires, and acquisitions – with the Pulse acquisition representing the next phase of this strategy.
“The Pulse team have built a fantastic business over the past three decades, with a great culture, highly specialized underwriting expertise, and a client-centred approach, helping to provide insurance to individuals who can’t find a solution with mainstream insurers,” according to Kabir Chanrai, chief executive officer of London-based Nirvana.
“Our long-term, committed capital from our deep-pocketed investors enables us to provide liquidity to the original shareholders and retired founders of Pulse, while bringing the Pulse management team into our partnership model as co-leaders of the business,” he added.
Nirvana is buying 100% of Pulse and is providing liquidity “to their exiting shareholders and founders,” said a Nirvan representative, who explained that “ongoing staff are rolling a very material proportion of their proceeds into Nirvana group equity and so will be partners in the overall group.”
“We are excited about the next phase of development for Pulse in partnership with Nirvana,” said Torquil McLusky, managing director of London-headquartered Pulse. “The additional financial firepower that Nirvana provides will allow us to grow and evolve much more quickly than would have been possible on our own. Right from the start, we felt that the chemistry was right with Kabir, Rob and their team. We are delighted to be coming together with such a like-minded business and can’t wait to take things forward.”
Rob Jones, executive chairman of Nirvana, commented: “Pulse’s underwriting-first philosophy aligns perfectly with Nirvana’s and we are excited to begin working with their talented and dedicated team.”
Neither business plans any changes to their teams as a result of the transaction, and brokers and clients will therefore continue to interact with their usual underwriter contacts without disruption to service.
The transaction is subject to standard change of control processes with both the Financial Conduct Authority (FCA) in the UK and the Financial Services and Markets Authority (FSMA) in Belgium.
About Nirvana and Pulse
Nirvana was originally founded in 2017 by Rob Jones, now executive chairman of the business. Following its buyout and partnership with insurance investor Kabir Chanrai in 2023, Nirvana has embarked on a multiline growth strategy. Founded in 1998, Pulse is backed by capacity from both Lloyd’s of London and company market insurers. It offers “innovative and bespoke insurance solutions to individuals and groups both in the UK and internationally where a tailored solution is required,” according to .
Source: Nirvana
Was this article valuable?
Here are more articles you may enjoy.
Fla. House Subcommittees Vote to Repeal PIP Law, Pass Two Other Insurance Bills 
Data Insight: Who’s Growing in Personal Lines? 
Georgia Lawmakers Approve Major Tort Reform, Overhaul of Legal System 
State Farm Has Paid Out $2.5 Billion for LA Wildfires 
