Atec Group-owned managing general agent (MGA) Arkel has announced securing an additional £25 million in delegated authority from AXIS for its landlords’ let property insurance product.
Specialising in non-standard and specialist insurance, including residential let and non-standard home, Arkel now has over £50 million in gross written premium (GWP) capacity.
The MGA has consistently doubled its size annually since its inception in 2018 and anticipates reaching £42 million GWP by the end of this year and is aiming for £100 million GWP within the next five years.
The recent Lloyd’s capacity secured through AXIS Syndicate 1686 also designates Arkel as a Lloyd’s coverholder, expanding its potential for future capacity arrangements in non-standard home and other related insurance lines.
Arkel’s let property products are currently live on major software platforms like SSP and Applied Systems, with plans to expand distribution through additional partners later this year.
Kris Lee (pictured above), chief underwriting officer at Arkel, stated that the new tranche of capacity with AXIS reinforces the company’s commitment to providing secure capacity and efficient service to its broker partners.
Lee noted the combination of strong underwriting experience and advanced data, actuarial, and technology capabilities as key factors that enable Arkel to respond quickly and decisively to broker needs.
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Arkel operates within the Atec Group, which also includes Ceta, a digital niche personal lines broker. The group designs, distributes, and underwrites various specialist home and leisure insurance products for over 350,000 policyholders in the UK.
Atec noted that it has experienced significant growth, tripling its revenue and profits since 2020, increasing its GWP from under £25 million to over £80 million, and growing customer policy volumes from 125,000 to 350,000.
Mike Worton, senior underwriter, UK property at AXIS, expressed alignment with Arkel’s vision of providing specialised solutions for brokers and their clients, highlighting Arkel’s underwriting expertise and use of data, analytics, and proprietary technology.
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