Aqueous Underwriting has signed a three-year capacity deal with global insurer Allianz Insurance.
The deal will see the tech-focused MGA increase its available capacity by around 70% as it aims to dominate the commercial SME market, where it specialises in professional indemnity and SME package sectors such as food, hospitality, leisure and hotel.
The new binder agreement is active for all broker submissions incepting from April 1 and comes with the added benefit of access to Allianz’s claims service, which has received an “outstanding” service quality marque from Gracechurch.
A press release from Aqueous called the partnership with Allianz a “significant milestone” in its development, with the head of e-trade Tom Hill (pictured left) referring to the AA and A+ rated global insurer as “a powerhouse in the insurance market.”
“Our mission has always been to develop long term relationships with sustainable partners and this deal with such a prominent, stable, well-respected, and recognisable brand provides us with clear differentiation in our chosen market,” Hill said.
Commenting on the deal, Allianz Commercial director of digital trading Helen Bryant (pictured right) called Aqueous a “leading light in the SME insurance market” as she complimented the MGA for its “combination of inhouse technical knowledge, market relationships and agile approach to product development.”
“We are excited to be providing capacity to the team at Aqueous as we look forward to growing in this market together,” Bryant said.
Last year, Aqueous expanded its professional indemnity capacity to cover limits of up to £10 million on a primary or excess layer basis or a combination of both, gained through the addition of Great American International Insurance (UK) to its existing panel of providers.
“Extending our capabilities with the ability to write with a larger line-size and increased income threshold has enabled us to offer our brokers an enhanced proposition for their clients,” said Aqueous chief underwriting officer Mark Ford in February 2022.
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