Pardus Holdings raises £1.5 million additional funding
London: Pardus Holdings Limited, parent company to Pardus Underwriting Limited, announces today that it has successfully raised £1.5 million of new capital through a private placement of ordinary shares.
The funds will support the continued development and growth of Pardus Underwriting Limited. The independent MGA was formed in 2014 and is wholly owned by Pardus Holdings Limited.
The Pardus Holdings team worked with West Hill Corporate Finance Limited and West Hill Capital LLP to secure the new capital through private equity.
On track for business growth
The new funds will support Pardus Underwriting’s plans for the rest of 2018, which projected a significant increase in gross premium income across existing lines of business. This includes a specific focus on expansion in the Contingency, US Property and Accident and Health lines of business.
Keith Thompson, Chief Executive Officer, Pardus commented: “Naturally, we are delighted to have secured this level of new capital. As a result, we can further our expansion plans, in our existing lines of business. We’ve steered Pardus’ development throughout a very challenging period in the insurance sector. I anticipate these challenges will continue but the funding will provide a considerable boost to keep us on track.”
He added: “Because of our experienced management team and underwriters, we are focused and prepared for business growth. At the same time, we are keen to ensure we continue to provide a quality service to both brokers and our capacity providers.”
(Picture shows: Keith Thompson, Pardus’ CEO)
Launched in 2014, founders Keith Thompson and Darren Stockman set up Pardus to be a Managing General Agent (MGA). The aim was to offer a variety of insurance products, with top quality security and excellent service levels. Since then, it has identified and served niche business opportunities where Pardus can enhance underwriting value. It does this for producing markets and insurance carriers.
The firm provides services to over 100 insurance brokers worldwide. Facilitated by a team of highly professional underwriters, motivated and committed to the development of Pardus. An enthusiastic support team supports the underwriters. It presently serves the following specialty lines of business: forestry, contingency, accident and health, property (North America) and transportation.
Pardus Holdings Limited owns 100 percenrt of Pardus Underwriting Limited (Pardus). Pardus operates as the MGA and is an Appointed Representative of Capita Commercial Insurance Services Limited. It is also a member of the MGAA.