First Underwriting Limited has entered a five-year capacity deal to place £1 billion of gross written premium with Accredited Insurance (Europe).
According to the managing general agent, the capacity deal will provide capacity for Accredited’s suite of specialty products. The extended partnership with Accredited will also help First Underwriting’s aim to be a “total solution” for its broking partners and will support new product launches this year, the company continued in a release.
Accredited’s underwriting programme is supported by ‘A’-rated reinsurance, arranged by McGill and Partners.
“We are delighted to announce this new long-term deal, which will help support the next chapter of our journey. Accredited have supported us from our launch and, as a result, we have formed a strong and ambitious partnership,” said First Underwriting managing director Tom Donachie.
Donachie also explained that it was “important” for First Insurance to secure a long-term deal with ‘A’-rated paper to provide brokers and their customers with the confidence of a secure market. The managing director said that First Insurance plans to continue focusing on specialist lines, providing superior service to brokers, and relying on the experience of its experts.
“We are delighted to expand our relationship with First Underwriting. Having worked well with the First Underwriting team for some time we now regard them as a ‘super MGA’ providing a long term and diversified business stream for us, we look forward to an exciting future together,” said Accredited CEO Colin Johnson.
“This is a unique and innovative capacity solution which will give First Underwriting the flexibility and scope to build and diversify into a truly multi-line underwriting business. Accredited have been a key partner since First Underwriting’s inception and it is fantastic to now have the certainty of a five-year capacity commitment from an ‘A’-rated partner,” said Kingfisher UK Holdings CEO Jacquie Boast.
First Underwriting is part of Kingfisher UK Holdings’ group of companies.
In May, Kingfisher UK Holdings appointed Ajay Tailor as its chief financial officer. Tailor was previously the finance director of The Ardonagh Group, and has more than a decade and a half’s worth of experience in insurance strategy, finance, and M&A.
