London, 28 January 2021
Q Underwriting Services Ltd (‘Q Underwriting’) has secured a new multi-year, multi-million-pound capacity deal to develop the Property & Package division within the business. A rated capacity is provided through ERGO UK Specialty Limited (a Munich Re Company), an established and significant player in the UK Insurance Market.
Bernard Mageean, CEO of Q Underwriting, commented: “At a time when MGAs are struggling to maintain and secure capacity, this first deal of 2021 signifies the solid foundations of Q Underwriting and is an endorsement of the confidence that insurer partners have in the business and the team.”
Focused on providing profitable underwriting and comprehensive distribution to insurers, as well as excellent service and specialist products to brokers, Q Underwriting expects to announce further capacity developments in early 2021.
The launch of this new capacity develops Q Underwriting into a full-service and robust MGA with specialisms across property, casualty, motor, and financial lines.
Q Underwriting turned two years old at the start of 2021. The journey began as an opportunity to bring together several specialist underwriting brands from across PIB Group and to maximise brokers’ product access across the brands under a single TOBA.
Since its formation in 2019, Q Underwriting has met a number of significant milestones. For example, the launch of Qtrade – an easy, single route into the 30+ specialist products on offer across the brands – which gives all brokers access to all products and specialisms online, in one place. Qtrade complements but does not replace the option for traditional, bespoke trading with underwriters.
A new, centralised Sales and Marketing team has increased broker support and communications, helping brokers achieve their success with Q and offering help throughout the pandemic. The team, dedicated to broker partners, has increased weekly touchpoints by over three-fold, which has been overwhelmingly well received.
Q Underwriting business has shown significant growth from £70m GWP to over £100m GWP – demonstrating consistent and resilient growth, which makes the business a strong, reliable partner for brokers and insurers alike.
Bernard Mageean continued: “To secure a significant amount of long term, A rated capacity from such a prestigious insurer at such a challenging time is a strong endorsement of the quality of our business; it is important to us that we continue to demonstrate we are a reliable and consistent partner for brokers.”
ERGO UK Specialty Limited is a company which is committed to the UK MGA market and is seen as a credible, consistent risk carrier providing continuous relationships with UK MGA partners.
These developments for Q Underwriting have been led by the MGU team within the business, which is focused on delivering results to insurer partners through data-driven underwriting practice and portfolio management, as well as securing new capacity for the MGA to deploy. The MGU is led by Matthew Schofield, Chief Underwriting Officer.
This new capacity is being deployed to launch a new, highly anticipated Property Owners product which will launch to Q partner brokers on 08 February 2021. This is the first of several new product developments in 2021 and is part of a Property & Package development roadmap which is founded on an underwriter-led approach to specialist trades, sectors, and business.
The new proposition, underwritten by the recently expanded Q Protect brand, is led by Duncan Scott, Head of Underwriting Operations for Property & Package. Q Protect has recruited additional underwriting talent to complement the existing team and to provide brokers with excellent service whilst ensuring profitable underwriting.
Duncan Scott explained, “I’m very pleased to be taking the reins of Q Underwriting’s specialist Property & Package propositions across aQmen Underwriting, Cobra Underwriting Agencies and Q Protect. Q Underwriting is a high-quality business, and I am excited about what we can do with the new capacity, some new faces and a supportive agency base.”
About Q Underwriting
Q Underwriting is a specialist underwriter, providing a range of niche commercial lines products across Casualty & Construction, Property & Package and Motor. Q Underwriting is a robust and reliable partner for brokers and insurers with backing from world leading private equity firms, Apax Funds and The Carlyle Group. We write over £100m of premium under delegated underwriting authority from A rated, key partner insurers and our team of over 150 people support a nationwide network of brokers.
aQmen Underwriting, Cobra Underwriting Agencies, Online Risk Solutions, Q Protect, TFP Schemes and Thistle Underwriting are part of Q Underwriting.
Mike Hudson / mike.hudson@Qunderwriting.com / 07522 229748