The announcement follows an initial capacity deal with Ergo UK Speciality Limited earlier this year
As Q Underwriting celebrates its’ second birthday, the MGA has announced a key binder renewal deal with long-term, A rated insurer partner Aviva.
Q Underwriting is an MGA that provides a range of commercial lines products across the casualty and construction, property and packaging and motor sectors.
It writes more than £100m of premiums under delegated authority agreements with insurers and also works with brokers across the UK.
Aviva provides capacity for Q Underwriting’s motor and property and package divisions - this supports the motor proposition of TFP Schemes, a trading name of Q Underwriting, as well as charity, faith and recruitment combined products offered by the MGA’s specialist insurance arm, aQmen Underwriting.
The renewal deal is worth £200m of capacity over five years and was completed by the MGA’s managing general underwriting (MGU) team, led by chief underwriting officer Matthew Schofield.
Speaking on the news, Schofield said: “To renew our partnership with such a prestigious partner as Aviva, and to welcome Ergo, all in the first quarter of 2021 is an exceptional achievement for the business.”
Bernard Mageean, chief executive 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.”
Following these developments, Q Underwriting has further plans in the pipeline - it plans to confirm another new insurer partner in the first half of this year.
Q Underwriting confirmed a multi-year, multi-million-pound capacity deal with Ergo UK Speciality Limited, a Munich Re Company, in January - this launched the MGA’s property and package division.
Q Underwriting has also updated its longstanding binder with Covéa Insurance, which provides capacity for the MGA’s casualty and construction division.
The MGA’s Covea-backed contractors combined product has been broadened as a result, with higher material damage limits available for buildings, contents and specified articles.
Business interruption will now also be available on a gross profit basis up to £1m - previously, this was only available on an increased cost of working basis.