Geo Specialty Political Violence team wins silver in MGA Initiative of the Year
The Insurance Times Awards (often referred to as 'the Oscars for the general insurance industry') are the largest and most prestigious accolades of their kind. They are designed to recognise and celebrate excellence and innovation across the breadth of UK general insurance - and this year we took home silver in the MGA Initiative of the Year category.
The Geo Specialty Political Violence team was created in 2017 with the goal of writing International business, centred around the conflict regions of The Middle East and North America. However, given the string of Terrorist attacks across the UK in 2017, there was a demand from the UK market for the MGA to create a product that would cover the gaps in contingent Business Interruption cover currently offered by the UK Government through Pool Re.
Former army captain, Marcus Meredith has been writing International Political Violence business for over 7 years and believes it is key that his team be agile in their approach to the changing face of terrorism and listen to the needs of brokers who are often unfamiliar with this market.
Within a month of the Borough Market incident, in June 2017, Marcus had created a bespoke wording for the UK market that offered Non-Damage Denial of Access cover, as well as Looting Post Loss whilst reducing the clients spend by guaranteeing to beat Pool Re on price.
With strong expertise and support from our holding company, Ardonagh Group, we made it our mission to educate and service brokers to the highest standards. With this in mind, since our launch, we invested heavily in technology to meet the demand from the regional broker network. We now offer our own bespoke, end-to-end, quote and bind solution via iQuo; and have launched our product on Acturis, allowing over 20,000 UK brokers access to Lloyd’s capacity and market leading wordings at the click of a button.
When asked what’s the highlight of their Insurance Times Nomination , Marcus Meredith, Head of Terrorism and Political Violence, Geo Specialty comments:
‘’Our ability and commitment to cater for and meet the fast-changing needs of the UK SME market for brokers and their clients. Through our investment in broker education programmes and technology such as a bespoke end-to-end, quote and bind solution and e-trading via Acturis, we have supported over 20,000 UK brokers to be able access Lloyd's capacity and market leading wordings at the click of a button. Clients have benefited from savings on their renewal premiums and enhanced policy wordings.’’
“It’s often said to be a successful MGA you need to be able to differentiate yourself in the market. Geo Specialty Political Violence not only offer an unrivalled depth of knowledge but have been proven to adapt to the ever-changing landscape we operate in. In addition, this small but mighty team have dedicated time and resources to support brokers enabling them to deliver to their customer’s needs, ensuring they have the right level of cover for the risks facing them today, to protect themselves and their livelihoods”, comments Nick Sharp, CCO Geo Specialty.
Authored by Geo Underwriting
The Geo journey has begun.
An exciting future lies ahead as our Towergate businesses move over to Geo. From 1 February 2018, our personal lines business joins Geo Specialty in operating under the Geo brand. The move marks the next step in a programme of change as we transform into an agile MGA structured for long term success in an evolving insurance market.
Our commercial businesses will soon also move over to Geo, completing the operational phase of the transition. But that’s by no means the end of it. We’re on a journey to make a difference. To carriers. To brokers. To the industry as a whole. Geo is the start of that journey.
We look forward to sharing it with you.
Geo Specialty: Insight into the insurance challenges presented by the evolving Late-Night Venue scene
Geo Specialty: Insight into the insurance challenges presented by the evolving Late-Night Venue scene13 Dec 2019
- 13 Dec 2019
- 13 Dec 2019
- 12 Dec 2019
- 5 Dec 2019
- 2 Sep 2019
- 8 Aug 2019
- 1 Aug 2019
- 27 Jun 2019
- 13 May 2019