Ageas and Pen Underwriting have agreed a new long-term capacity deal to provide household insurance through a number of online-traded solutions.
Ageas will provide underwriting capacity to Pen Underwriting’s specialist e-trading division, with the agreement entailing full delegation of underwriting, claims and administration authority through OIM Underwriting.
The household products will be distributed using Pen’s innovative auto-rated model which uses full cycle e-trading to allow non-standard risks to be written without the need for referral to an underwriter, wherever possible. The products will be available via all the major software houses and other bespoke facilities.
Adam Clarke, Underwriting Director at Ageas, said: “We are pleased to have formed this partnership with Pen Underwriting and are looking forward to working with them closely in the years to come to deliver value and expertise on both sides as well as to customers. This new partnership will significantly strengthen our household proposition in both standard and non-standard markets.”
Mark Armitage, Managing Director at Pen Underwriting, added: “We are delighted to have the support of an insurer of Ageas’s standing by securing a deal that both cements our long-term partnership and allows us to further build out our e-MGA offering. Our goal is to provide bespoke facilities that enhance ‘quotability’. Our partnership with Ageas will enable us to deliver a longevity and consistency of service to our producer partners while giving our distributors access to more cover, more quickly and for a much wider range of risks. For non-standard customers, that means more choice, more often.”
Clarke continued “This agreement supports our strategic development of developing in niche and non-standard markets where it is profitable to do so.”