Ensurance has announced that its UK subsidiary has agreed partnerships with Swiss Re and XL Catlin, alongside receiving coverholder status from Lloyd’s.
The subsidiary, which was formed as a managing general agency, specialises in construction and engineering and has partnered with the international giants on new products.
The firm has agreed to an exclusive partnership with Swiss Re Corporate Solutions, which allows Ensurance to offer a range of construction and engineering products in the UK, targeting contracts up to £100 million (AU$169 million).
The partnership will also provide the UK arm of the business with security backing to offer the broker market bespoke Ensurance products. The deal will allow Ensurance to write business up to triple the sum insured amount that other insurance firms can accept.
Meanwhile, with XL Catlin, the partnership will initially provide an exclusive bespoke construction insurance product to high net worth UK domestic clients.
This product will be sold through brokers but Ensurance can also embed the policy through insurers that offer home and contents cover, meaning the product can be sold directly.
Stefan Hicks, Ensurance MD, said that the deals with such recognisable names in the industry are a game-changer for its business in the UK and Australia.
“Not only has the company successfully expanded from the Australian market into the UK market in a short period, but by partnering with Swiss Re Corporate Solutions we will now receive significant exposure globally,” Hicks said.
The firm has also received coverholder status which will allow it to issue insurance documents on behalf of Lloyd’s syndicates.
Ensurance now has two Lloyd’s coverholder companies, one in the UK and in Australia, as the firm looks to tap into the scale of the Lloyd’s market.
“This allows the company flexibility to use different Ensurance centres to expand our footprint wider, using our Lloyd’s bespoke products, into global regions,” Hicks continued.
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