Underwriting arrangements for its UK car insurance business extended
Admiral Group has extended its underwriting arrangement with Munich Re for its UK car insurance business.
Munich Re underwrites 40% of Admiral’s UK car insurance business. The new agreement extends this from the end of 2016 until at least the end of 2018.
Admiral said the partnership allowed it to mitigate risk exposure while benefitting from profit commission.
The cost and contractual terms remain confidential, but Admiral said they would provide a “a slight improvement” from 2017.
Admiral chief executive Henry Engelhardt said: “Munich Re is a fantastic partner and we are really pleased to extend further our long-term relationship for at least the next five years. This agreement is testament to their continued confidence in our business and we look forward to working with them for many more years to come.”