iprism signs long-term deal with Zurich

The deal is expected to generate up to £30 million in premiums

iprism signs long-term deal with Zurich

Insurance News

By Rod Bolivar

iprism, a managing general agent (MGA) focused on the construction, property, and high net worth sectors, has secured a new multi-year capacity agreement with global insurer Zurich.

Under the terms of the deal, Zurich will provide capacity for iprism’s property owners and combined commercial insurance products.

This agreement builds upon the existing partnership between the two, where Zurich already provides capacity for iprism’s Trades & Professions and Retail package products.

The new deal is expected to generate up to £30 million in gross written premium.

According to Ian Lloyd, iprism CEO, the extended relationship with Zurich offers the financial strength and stability required from capacity partners.

"As an independently owned MGA, we offer our brokers an attractive combination of quality markets in which to place their commercial business, with in-house underwriting authority and expertise,” said Lloyd.

Zurich UK's head of retail, David Nichols expressed confidence in iprism’s performance, particularly on its reputation for choices, underwriting and profitability.

"We’re confident that they will continue to deliver strong results and the kind of underwriting discipline and risk selection we expect from our partners,” said Nichols.

In March last year, the British Insurance Brokers' Association (BIBA) teamed up with iprism to launch a high-value home insurance scheme for its members. The offering includes substantial coverage limits for items like jewellery, watches, fine art, and antiques, along with protection against identity theft and provisions for home emergencies and alternative accommodation, which can last up to five years.

iprism operates as a management-owned, wholesale MGA and is known for its use of in-house technology to deliver insurance solutions to UK brokers. The company runs an insurance brokerage platform, supported by a team of underwriters, to offer specialist insurance products for both commercial and private clients.

Do you think this partnership signals for stronger stability for the MGA market? Share your thoughts in the comments.

 

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