This article, first published in Insurance Age, Gareth Roberts, CEO, explains the rationale behind establishing Ventis, its USPs and the biggest opportunities in commercial and residential real estate business.
Meet the MGA: Ventis
With a ‘breath of fresh air’ Latin-inspired name, CEO Gareth Roberts, pictured second right, explains why Ventis’ USPs of rapid service and sector expertise are helping it gain traction in the real estate market.
What was the thinking behind the formation of Ventis, and Gareth, why did you decide to set up an MGA after 17 years working for insurers NIG, Axa and Covéa?
After almost two decades in the industry, everything fell into place for me to take the entrepreneurial leap and start my own managing general agent. I had the right team lined up, solid infrastructure backing me, and identified emerging market opportunities that I could capitalise on.
I founded Ventis with a vision centred on embodying the culture of prioritising customer service, maintaining streamlined processes, and ensuring long-term sustainability. At Ventis, we focus on creating a space where brokers and clients can thrive.
Ventis isn’t trying to be everything to everyone. We specialise in commercial and residential insurance, covering a wide range of property types within the real estate sector, from residential flats to large office buildings and high street shops. Our remit is to find and capitalise on standard risks often overlooked in the property market.
How important has Mission Underwriters been in you starting Ventis – and what have they brought to the party?
Mission Underwriters and their partner and capacity provider Accelerant have made the launch of Ventis possible. They’ve provided the infrastructure and support to create the brand proposition for Ventis.
What is the genesis of the name Ventis?
‘Ventis’ is derived from ventus, the Latin word for wind. The inspiration for the name came with the idea that our service proposition is a breath of fresh air in a crowded market. As our name suggests, we are a strong, confident brand. We understand a broker’s needs and stop at nothing to provide complete, speedy, accurate quotes.
On your website you talk about “empowering brokers with simple excellence” – what does that mean in practice?
We’ve found that our offering is very popular with brokers. We are a small team of real estate insurance specialists, and we are easy to deal with, responsive and we know our stuff. That combination is quite rare in the market, and has the ability to make brokers’ lives much easier.
You get a very human approach with us that sets us apart. That and we know the sector well, so you can trust that our service will be what itsays on the tin – excellent.
If you had to single one or two things out, what is the USP of Ventis?
Our USP really comes down to two things: rapid service and sector expertise. We are accessible whenever you need us, and we will give you a quick response on the matter at hand.
Behind that is our depth of knowledge. Everyone on the team has a strong background in real estate insurance, so our response is considered and informed, giving you the information you need to do your job and keep your clients happy.
How important is data and technology to the Ventis offering, and can you give us some examples of how you use it to gain an advantage?
Data is at the heart of how Ventis operates. We have a robust digital platform supported by data analytics and input from our risk modellers that informs our underwriters in their risk selection. They are able to get postcode data on a number of metrics that ensure we offer tailored coverage to exactly what our client needs.
In terms of industry specialisms, where do you see the greatest opportunities in commercial and residential real estate business?
Residential is a more open market, but the rate of claims is much higher as individual property owners are less able to resolve low-level issues than their commercial counterparts.
At the moment, Ventis is really focusing on establishing itself and its book of business, so we are looking for a good balance of residential and commercial, to limit our individual exposures.
With a balanced book we are able to keep the business sustainable and provide for our clients in the long term.
With regards your core market, how would you describe the rating environment at present – and how do you see that changing in the short- to mid-term?
The present rating environment is the hardest it has been in the last five years.
In the immediate future, I expect rates to stay stable. Insurers have been able to make the adjustments they needed to stabilise their businesses, and the market should follow suit.
Our current focus has been establishing a UK presence for the business, but we’re also keeping an eye on the European and North American real estate markets to see whether there may be a niche that our offering could fill there.
Obviously, the elephant in the room is inflation, which has also been coming down to a better level and is now showing signs of levelling off, which would be positive news both for the insurance market and the national economy.
Are there any complementary areas that Ventis might seek to add to the portfolio for product diversity?
Ventis’ USP is our real estate focus, so I don’t see us diversifying our product offering outside of the sector.
Our current focus has been establishing a UK presence for the business, but we’re also keeping an eye on the European and North American real estate markets to see whether there may be a niche that our offering could fill there.
The claim is the moment of truth in insurance, how do you handle them at Ventis?
We partner with McLarens loss adjusters who are recognised as a market-leading provider of claims solutions. We prioritise timely claims servicing, with an emphasis on excellent claims service as a core principle of the business. With McLarens we partner with a specialist real estate claims team, which means that the service our insureds get from them is tailored.
How would you describe someone who might be a good fit to be a Ventis employee?
As an entry requirement, anyone joining Ventis would need a solid base of technical real estate knowledge. Over and above that, though, would be a real drive to deliver the best possible customer service. Our distribution model is dependent on strong relationships with brokers that we maintain by being approachable and responsive.
Do you have future plans for regional expansion outside London and/or acquisitions?
We are a young business and are currently focusing on underwriting UK-based business. We write business across the UK but overseas is a conversation we’re not looking to have in the immediate future.
How many brokers do you deal with and what would your message be to those who have not reached out to you yet?
We have a targeted approach to distribution, based on tailored, honest partnerships with brokers. We have a number of these relationships that are generating good business and functioning well for all parties.
My message to other brokers would be that if real estate is one of your areas of focus, and you are looking for an engaging underwriter with expertise then get in touch with the team.
In another five years’ time, what will success look like for Ventis?
Ventis will be achieving its goals if, in five years, we are the firstchoice capacity provider for our established partners.
I started Ventis in order to provide my broker contacts with the service required, and I think if we can have a reputation for great service in our corner of the market, we’ll be doing very well.
