Recently launched underwriting agency Blend made a splash in the market last week, announcing that it had secured
renewal rights to Beazley’s accident and health business.
The firm, jointly owned by Steadfast and a division of Fairfax called Advent Capital, began business in February with the appointment of Chris Newing, who joined the start-up as CEO.
Newing has spent the past several months in strategy and planning, and noted that the
Beazley deal was not something for which the firm had initially planned.
Now, with renewal rights to the Beazley A&H book secured, Newing told Insurance Business that Blend will look to further its growth.
“The ultimate plan is to take the opportunity of being a start-up business, without the typical restraints that existing players would have, and delivering solutions to market,” Newing said.
He added that the agency will have a focus on accident and health in the immediate term but will also have “appetite” for other consumer-based coverages that complement what the agency will do in the accident and health space.
“Longer-term, down the track, we will be open to other product classes,” he said.
Newing stressed that coverholders and brokers will play an integral role in the development of Blend.
“We see an opportunity for us to deliver efficiencies in the way that brokers can access particular accident and health products in the short term from Blend,” Newing continued. “Delivering them not only products that are going to work … for their customers, but also looking to specifically identify and implement efficiencies in the way that they distribute products as well and add value for them as partners.”
Newing said that the focus of Blend in the short-term will be on ensuring a smooth transition of the Beazley business, as the firm will look to technology to aid further development and distribution of products.
He also noted that, in the longer term, the business is looking to develop interesting ways to distribute products through broker systems, third party distribution partnerships and white-labelled solutions.
“The core focus of Blend is going to be user experience, delivering through the use of technology and analytics in order to [put] together solutions in a different way,” Newing continued. “We’re not bound to existing systems and processes or existing product designs, so we want to take advantage of that position and put together some new offerings for the market.”
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Blend Insurance Solutions launches – takes major book from Beazley
Nirvana Risk Partners announces latest expansion
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