Chief executive says Amlin would only participate in broker deals if it had an element of underwriting control

Charles Philipps Amlin

Amlin would consider participating in exclusive broker deals, such as the one between Aon and Berkshire Hathaway, its chief executive has said.

But, speaking to the Financial Times following the release of Amlin’s results yesterday, chief executive Charles Phillips (pictured) said his company would only participate in the deals if it had an element of control over the underwriting.  

The exclusive broker deals allow an underwriter to get a guaranteed share of business placed by a broker. They are called passive deals, because the underwriter’s participation is automatic.

The first deal of its kind was made between broking group Aon and US (re)insurance powerhouse Berkshire Hathaway, under which Berkshire gets an automatic 7.5% share of any business Aon places into Lloyd’s.

Willis is working on a similar deal, called Willis 360, and is thought to be close to signing up underwriters.