Allianz Commercial has announced a collaboration with specialized managing general agent ProMarine UW Ltd (ProMarine) for a new multi-product strategic underwriting and claims delegated authority agreement.
With the collaboration, ProMarine will be underwriting and handling the claims on behalf of Allianz Commercial. The two firms will be targeting the smaller commercial marine industry and vessel risks in the UK, Ireland, and the entire continent of Europe.
Head of hull for Allianz Commercial in the UK region Tom Argentieri expressed the firm’s delight with the agreement it has made with ProMarine.
“Both marine and liability are key strategic business lines for Allianz Commercial and this transaction demonstrates our continued commitment to providing market-leading solutions for customers in these dynamic areas of risk,” said Argentieri.
“This will further strengthen our diversified and sustainable book of business and consolidates our expertise with a wider customer base. The teams are very much looking forward to working with their ProMarine colleagues on this strategic collaboration,” he added.
The collaboration has a £10 million capacity and will be covering various marine and liability products, which include marine hull, protection and indemnity, general liability and employer’s liability.
ProMarine CEO Lena Weaire said that the specialised managing general agent’s ability to be able to provide physical damage as well as liability products can be beneficial to direct clients and producing brokers as it offers a seamless service and an exceptional level of non-cat diversity within insurers’ books.
“It is great to be working with Allianz Commercial, a company with a rich history as a market leader in the Marine and Liabilities market. It demonstrates our commitment to successful long-term partnerships in the market and our drive to deliver holistic solutions to customers,” added Weaire.
ProMarine is a subsidiary of specialist insurance managing general agency Canopy Specialty International Ltd., which is focused on property and casualty insurance.
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