AXA will exclusively underwrite Cherish’s home (including B&B), second home and buy to let products
AXA has renewed a five-year agreement with Cherish Insurance Brokers to exclusively underwrite a range of the broker’s personal lines products in a deal worth £20m.
AXA will underwrite Cherish’s home (including B&B), second home and buy to let products, as well as a range of kit and home insurance products marketed to the British armed forces.
AXA head of household and lifestyle Carolyn Scott said: “We’re really pleased that we have been able to come to an agreement that allows us to continue with what has always been a mutually profitable relationship.
“Cherish understands its markets well which gives us the confidence to take an exclusive underwriting position on these risks. In particular, the non-standard aspects of its book are of particular interest to us as we make further inroads into what we see as a very valuable and profitable segment of the market.”
Cherish managing director Neil Bresler added: “I am incredibly proud of the dynamic and fruitful relationship that both Cherish and AXA have enjoyed over the years.
“This agreement cements our commitment and allows Cherish to continue designing innovative products with extensive cover and give our broker partners something extra to offer to their clients in these niche markets. This is a very exciting step for us all.”