Major insurer Legal & General and Prestige Underwriting have entered into a strategic partnership aimed at the “non-standard” home market in the UK.
The partnership, which will take effect on January 1, 2017, will enable the companies to expand their position in the home market and provide opportunities for further growth of their non-standard services across the UK.
Prestige is a managing general agent that specialises in providing cover for non-standard home risks, including properties with flat roofs, unusual construction or subsidence risks and also to proposers who have past convictions or poor claims history.
“They were the obvious choice for us to deliver on that ambition given their great reputation and I am excited to work together and utilize the many strengths that we both possess,” said Kevin Roberts, broker and affinity director at L&G.
The deal will also allow the firms to utilise both of their focused teams to capitalise on each other’s strength through established distribution channels. However, L&G said there should be no noticeable difference or disruption for brokers during the partnership.
“We have an extremely focused team of people with established distribution channels and I see this as a huge opportunity to leverage our expertise and capitalise upon the market opportunities that a partnership with Legal & General will bring,” said Prestige Underwriting CEO Trevor Shaw.
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