Volante, the newly-launched managing general agent backed by ILS heavyweight Nephila, has unveiled a $900mn capacity deal for a spate of new underwriting teams.

The MGA said the treaty deal, which spans across a number of classes and territories, would provide capacity for nine new underwriting divisions.

It said the capacity, which is backed by three global carriers, would service new teams in North America, Europe and Africa.

The new lines include property, general liability, space, international motor, facultative P&C, leisure and sport, financial institutions, as well as North American auto and professional indemnity.

Volante said the teams were scheduled to launch on its platform in the second half of the year.

The MGA said the paper had an A+ rating but did not name the carriers. It added that the agreement was a multi-year long-term arrangement with zero arbitrage fixed commissions.

Volante’s earnings will be fully contingent on profit commission which is calculated based on carrier performance over the period of the agreement, the MGA said.

“We have embedded within the commission structure of this deal a contractual alignment which necessitates that the underwriting profitability of our carriers is Volante’s primary focus in all aspects of the underwriting journey,” Volante founder and CEO Talbir Bains said in a statement.

“This is about building a partnership predicated on complete alignment to the combined operating result of our capacity providers.”

Aon Benfield’s UK CEO Nick Frankland, who helped structure the deal, said: “By combining world-class capacity, leading sector expertise, and technology that enables business to be analysed and transacted quickly and efficiently, we feel that Volante is well-positioned to be a huge success.”

Volante already has two teams in place: Bridge Underwriting, a Stockholm-based specialist underwriter working across a number of P&C lines and Edison Motor, a London market team offering specialist commercial motor insurance products in the UK.

A third team, Horizon, writing treaty reinsurance in Zurich is expected to join the platform at the beginning of next year.