New specialist insurance provider marks market entry

Launch coincides with broker acquisition

New specialist insurance provider marks market entry

Insurance News

By Terry Gangcuangco

Addept Group has acquired specialist insurance brokerage Policywise Limited as part of its market launch.

Richard Finan (pictured), who was a founder of managing general agent Arc Legal Assistance, is the name behind Addept. The business will cater to the ancillary protection space on a wholesale basis, with the Policywise swoop allowing it to introduce new ancillary products and services.

“Brokers are continually reviewing products and services to ensure they remain relevant to consumers and deliver fair value,” Finan noted. “Legislative changes, market evolution, regulatory focus, and growing economic pressures are creating increasing demand for innovative and cost-effective products to protect individuals and businesses against specialist risks.

“Addept has been created to give brokers the tools they need to respond to these changes and deliver relevant products and services to support their customers.”

The company’s initial product lineup includes Recovery First, which provides support to individuals injured in road traffic accidents where there is no party to claim against; Not for Lions, which offers landlords coverage for damage caused by tenants’ pets; and Bill Ninja, which will assist sole traders and self-employed workers on their bill payments during periods of injury or illness.

Finan’s camp is also offering SMEs cyber coverage and access to private healthcare services through Addept’s ActivCyber and Healthcare Navigator products.

“We have been working with our partners to develop these products and services to specifically respond to the evolving needs of customers in the fast-changing legislative environment and to address the regulatory concerns around products with low customer utilisation,” Finan shared.

Lifting the lid on the Policywise deal, financial terms of which were not disclosed, he said: “This is an important first step in enabling us to come to market.

“Simon and his team have built a brand recognised for its innovative approach to niche products. We want to build on this reputation by introducing our new wave of insurance products and services across a broader range of sectors in the insurance marketplace.”

Meanwhile Policywise founder Simon Jackson, who is moving on to pursue other interests, commented: “Following the disposal of the Policywise book of business two years ago, we were looking for a partner to take the business on the next stage of its journey. Richard and his supporting team have a fantastic reputation for delivering innovative, quality products and were an absolute fit for the business.

“We are delighted that they will be taking the business forward, designing and delivering a wider portfolio of market-leading specialist products that directly address the real needs of customers and clients.”

To facilitate its growth and strategic objectives, Addept appointed several non-executive directors while also applying for regulatory approval to rebrand as Addept Insurance Services.

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