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 indemnit
y lines of insurance, and is one of the leading media insurers in the London market, the company said, noting that it is growing its business through a combination of organic gr
owth, 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 underwriti
ng expertise, and a client-centred approach, helping to provide insurance to individuals who can’t find a solution with mainstream in
surers,” 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 sharehold
ers 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
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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 f
nancial 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 wi
th 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 the company’s website.
