Managing general agent (MGA) Incorporated Insurance Group Limited (IIGL) has offered to help brokers of Gable clients days after the European non-life insurer went into administration.
The firm said it will provide concerned brokers with various deals including additional discounts for Gable business and offering to cover the company’s clients for free until their renewal date.
“Brokers are stuck between a ‘rock and a hard place’ as they often haven’t properly explained to their clients the risks of insuring with an unrated carrier in the first place,” said IIGL chief executive Mike Smith.
“So how do they now tell the client that they have to replace the business before renewal; which will cost the client more money and potentially damage the credibility of the broker?”
For brokers with individual cases, Smith said IIGL had negotiated additional discounts of up to 25% to help ease the cost to the client.
Meanwhile, for brokers looking to move several cases, the company has arranged to provide free cover for clients up to the renewal date of their policy, according to Smith.
The MGA, which specialises in construction insurance, does not want the situation to affect the insurance industry’s reputation, Smith explained.
“We only deal with independent regional brokers so it’s important to us that we support them in times like these and also help to show the commercial sector that insurance is a reliable industry and we are there to protect them,” Smith said.
“We are therefore looking to hear from brokers who want to provide their clients with a cost effective option,” he added.
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