A Malta-based protected cell company is launching a range of niche and specialist products to the European market in a series of distribution deals.
Building Block PCC Ltd (BBI), which began operating in the UK in 2015, is expanding its reach to the Republic of Ireland, Spain, and Iceland using a distribution model similar to that employed in the UK.
BBI CEO Paul Brierley said the company has so far designed and built seven specialist products based on its UK experience, as part of its strategy in expanding its brand into the European Economic Area (EEA).
“One of the advantages of being Malta-based is that our company DNA is European, albeit with a British flavour,” he said.
“There is a risk that, post Brexit, the UK will become a more insular economy and society, but these distribution deals show that insurance products designed and produced in the UK remain in high demand in other parts of the EEA.”
Brierley said BBI had rolled out a gadget product for Frost Insurances Ltd in Ireland in November, and an excess product is set for launch in January 2017. Gadget is also being launched in Spain through Spanish insurance broker Slora, part of Mesos Group. Also set to launch in January 2017 is a boiler and home appliance product. BBI has also forged a rent guarantee insurance deal with Tryggja, one of Iceland’s oldest insurance brokers.
Brierley said: “We are building on the solid foundations laid this year by our UK product design team. Our distribution successes in these EEA countries shows that niche and specialist insurance is a growing segment all over Europe and will power our growth in 2017.”
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