Four names have come together to launch a new MGA designed to boost underwriting capacity for property and vehicle products.
Sharing economy specialist Pikl has teamed with Accredited Insurance, the Claims Consortium Group and First Underwriting to form a partnership that should bring products to market within weeks. It will be backed by “A” rated capacity from Accredited Insurance via its partnership with First Underwriting, while Pikl will work closely with First to develop new and existing solutions for the sharing economy. Claims management, meanwhile, will be handled by Claims Consortium Group.
“I am delighted that we have launched the MGA and partnership with a group of credible and respected operators in the insurance sector,” said Louise Birritteri, CEO and founder of Pikl. “Both the teams at Pikl and First Underwriting have a great deal of insurance expertise and our collective skill sets will provide a powerful combination as we continue to scale. As we enter the next stage of our journey it was incredibly important for us to find the right partners who could work flexibly and at pace.
“Our ambition is to be the market leader for sharing economy insurance products in both property and vehicle lines. Our learnings from working in the property sharing market over the past three years has prepared us well to enter the vehicle sharing sector later this year. Thanks to the teams in both companies, this partnership will give us the complete flexibility we need to continue to be first to market with bespoke propositions for emerging markets.”
Meanwhile, Mark Bacon, managing director of First Underwriting, described it as an “exciting part of the insurance market.”
“Working with Pikl means that we have a partner that genuinely understands its chosen markets and will be well positioned to make the most of the opportunities it will present,” he said.