London, 31 March 2021
In another capacity development, Q Underwriting Services Ltd (‘Q Underwriting’) has confirmed the renewal of a key binder. This announcement follows the launch of a new deal with Ergo UK Speciality Limited (a Munich Re Company) in January. The recent renewal deal is with Aviva Insurance Limited (‘Aviva’), a long-term, A rated partner for Q Underwriting.
Aviva provides capacity into the Motor and Property & Package divisions of Q Underwriting, supporting the motor proposition of TFP Schemes and the specialist Charity, Faith and Recruitment combined products from aQmen Underwriting.
This deal is worth £200m of capacity over five years.
This deal has been completed by Q Underwriting’s MGU team, led by Chief Underwriting Officer Matthew Schofield. Matthew commented: “To renew our partnership with such prestigious partner as Aviva, and to welcome Ergo, all in the first quarter of 2021 is an exceptional achievement for the business. To do this at a time where many in the market are experiencing challenges with capacity makes it more impressive.”
Bernard Mageean, CEO of Q Underwriting, added, “Securing this key binder, with a long-term commitment from Aviva is a great endorsement for Q Underwriting and the whole team. To close these deals at a time where many in the market are experiencing challenges with capacity demonstrates our strength and proposition. We are a valuable, robust partner for insurers and brokers alike.”
This deal follows an important enhancement to Q Underwriting’s longstanding binder, with Covea Insurance plc (‘Covéa’), which provides capacity into the Casualty & Construction division of Q Underwriting in Q4 2020. Q Underwriting has enhanced their Covéa-backed Contractors Combined product by broadening the product’s underwriting footprint with higher Material Damage limits available for Buildings, Contents and Specified Articles. Business Interruption will now also be available on a Gross Profit basis, where this was previously available on Increased Cost of Working only, with limits up to £1 million. Following these capacity developments, Q Underwriting has further plans in the pipeline, with another new insurer partner expected in H1.
This announcement comes as Q Underwriting celebrates its second birthday, where the business has been detailing their achievements to date and how they are building for the future: www.Qunderwriting.com/Qturns2/.
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