Q Underwriting announces more capacity developments
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/.
Authored by Q Underwriting
About Q Underwriting
Specialist MGA providing quality products for niche commercial markets
Q Underwriting is a specialist underwriter, providing over 25 niche commercial lines products – all backed by A rated insurers. Our specialisms include construction, tradesmen and liability; charities, faith and recruitment; public and private hire, fleet and motor trade; and non-standard property. All our products are underwritten in-house by our experienced team.
Q Underwriting is a robust and reliable partner for brokers and insurers; we’re backed by The Carlyle Group, one of the world’s largest private equity firms. We write £95m of premium under delegated underwriting authority from several A rated insurers and our team of over 135 people support a nationwide network of brokers.
We are focused on providing excellent service and supporting brokers’ growth. In trading terms, we offer the best of both worlds: brokers have direct access to our experienced underwriters as well as a quick and easy to use broker portal – Qtrade – which houses all the products available from Q Underwriting in one place.