Aqueous Underwriting has obtained additional professional indemnity capacity, allowing the specialist MGA to offer cover for limits up to £10 million on primary or excess layer basis, or a combination of both.
The move is part Aqueous’ plans to expand its foothold across the UK professional indemnity insurance market in 2022. The company said the increased capacity will allow it to offer brokers a one-stop shop by providing more comprehensive programmes, multiple coverage layers, and excess of loss capacity for risks where Aqueous is not the primary provider.
The new excess layer capacity was secured through the addition of Great American International Insurance (UK) to Aqueous’ existing panel of providers, following a year of rapid growth. In 2021, Aqueous’ professional indemnity premium capacity grew from £15 million to £27.5 million, an 83% increase.
Aqueous’ professional indemnity book focuses on accountancy, architecture and engineering, property (estate agents, quantity surveyors, etc.), media and technology professions.
“This is an exciting development for Aqueous at a time when the PI market overall is suffering from restricted capacity, with many providers pulling back from the sector,” said Mark Ford, Aqueous’ chief underwriting officer. “Extending our capabilities with the ability to write with a larger line-size, and an increased income threshold, has enabled us to offer our brokers an enhanced proposition for their clients. We now have five “A”-rated capacity backers, providing our brokers and their clients with a quality offering, which satisfies all of their purchasing requirements in a one-stop shop.”