Insurer Vero ends UAC partnership

Insurer Vero ends UAC partnership | Insurance Business

Insurer Vero ends UAC partnership
The Underwriting Agencies Council (UAC) is casting the net wide in the search for a new strategic underwriting partner after Vero Insurance decided to end their partnership.

UAC’s constitution deems a limit of three strategic underwriting partners, with Lloyd’s and Hollard Insurance representing the other two.

UAC chairman Lyndon Turner said the Council was now seeking expressions of interest and formal applications to replace Vero Insurance.

“We are disappointed to see Vero leave us,” he said. “However, we respect their decision.

“Our staff and board have worked very hard to support Vero’s underwriting agency marketing position.

“There are many UAC members who have partnered with them, and indeed are still partners with them,” he said.

“However, this departure creates an opening and, due to the regular enquiries we receive from the market, the board feels it only best to open a formal process of discussions with the wider market to ensure we select the best new partner to join us.”

Turner said UAC offered access to more than 100 corporate voting members, all of which were professional underwriting agencies writing in a majority of classes across the Australian and New Zealand market.

“Underwriting agencies have undergone fantastic growth and remain the most dynamic decision-making insurance providers in the region,” Turner said.

“They need insurer partners to support their growth, and we offer strategic underwriting partner insurers great access and opportunities to invest profitably in this sector.”

A Vero spokesperson said the company had had a productive five year sponsorship with UAC.

But, he said: “Following a review, we will continue to have a relationship, however we saw this as an opportunity for UAC to look for a new sponsor.”

UAC general manager William Legge said UAC voting members totalled 106, and employed more than 3,000 staff, writing more than AU$3 billion in annual GWP across the region.

“We look forward to working with the market to explain further how we can help a new strategic underwriting partner enjoy the benefits a partnership with us can offer.”

Legge was accepting expressions of interest by phone or email until close of business on Thursday 28 July, when he would then provide details of the formal process around the consideration.

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