Q Underwriting Services Ltd (‘Q Underwriting’ or ‘Q’), has officially opened for business. The new legal and regulated entity unites three specialist MGA businesses which represent the underwriting division of PIB Group.
As of 1 January 2019, aQmen Underwriting Services, TFP Schemes and Thistle Underwriting Services are now part of Q Underwriting and share a common Terms of Business Agreement (TOBA). The proposition enables brokers to access over 30 niche commercial lines products across the three MGA brands. Previously, individual TOBA’s were required to trade with each MGA.
Bernard Mageean, CEO of Q Underwriting commented: “Quite simply, Q is an underwriting business written on a delegated authority basis from multiple A rated insurers. The proposition brings together our established and trusted teams of 120 experts who provide specialist products for niche sectors. Our 1700 brokers can now enjoy direct access to all our products through one common TOBA. The benefits for brokers will increase over time as new products are launched and if we acquire similar businesses in future.”
Specialisms include casualty and construction through Thistle Underwriting; charities and recruitment through aQmen Underwriting; and motor and taxi through TFP Schemes.
Moving forward, these teams will continue to trade under their established brands. However, Q Underwriting has its own identity and will become the dominant brand over time.
Stuart Webb, Operations Director for Q Underwriting, commented: “This is both a legal and regulatory change which also improves our distribution. It gives PIB Group’s underwriting division its own identity as well as providing our brokers with easier access into our broad product offering. Preparation work has been underway for over six months and the reception from our brokers and insurers has been very positive.”
Bernard Mageean continued: “Our underwriting division has developed significantly in 2018 and we have been presenting ourselves more and more as a collective. The launch of Q Underwriting is the next step in our evolution and sets the tone for a successful 2019 and beyond. The response in the market so far with our latest news has been very positive and we are looking forward to scope and size of our opportunity ahead.”