Ageas has launched a significant new Property Owners Scheme with Property Insurance Initiatives (Pii) Underwriting Agency which is available to buy-to-let property owners, head lessees and mortgagees who require insurance for residential and commercial tenanted premises in the UK.
The new deal demonstrates Ageas’s skills in developing traditional and niche schemes, while Pii Underwriting Agency is an experienced specialist broker in the property market. The new scheme has been created to help maximise the opportunities a burgeoning lettings market presents, boosted by reports that many pensioners are planning to invest their pension pot in buy-to-let property.*
Pii Underwriting Agency will have delegated underwriting authority for the Property Owners Scheme which provides buildings and contents insurance while the property is being let to tenants, with bespoke cover from Ageas.
Cathy Taylor, Head of Commercial Underwriting and Operations at Ageas said: “The buy-to-let market is on the up and Pii Underwriting Agency spotted an opportunity to capitalise on this sector with a new scheme aimed at landlords. This is exactly how we like to work with brokers on schemes business – they have the market expertise, we have the underwriting skills and by working together we can swiftly maximise market opportunities. It’s very much a partnership approach and we look forward to working with Pii Underwriting Agency to make the scheme a success.”
Lisa Feaver, Underwriting Director at Pii Underwriting Agency added: “We were very impressed with the way Ageas listened and delivered what we required. They went the extra mile with the speed with which they delivered this new scheme, enabling us to go to market at a key time in the property calendar. The team at Ageas has taken a completely ‘hands-on’ approach to the development and on-going success of the scheme and this has given us valuable peace of mind, allowing us to focus on marketing and delivering the product.”