UKGI working with affected brokers following AM Trust's decision to withdraw capacity
AM Trust has pulled capacity on its social housing account with UK General Insurance Group (UKGI), leaving brokers just weeks to find alternative cover for renewals.
Brokers have until 18 November to find alternative placements for social housing business, with help from UKGI.
UK General said a small number of brokers have been affected. The company did not go into detail but its spokesman said: “We are disappointed by AM Trust’s decision. We have been working with affected brokers to help them place business elsewhere. The feedback we have had is positive.” AM Trust declined to comment.
Primary General, now part of UK General, had AXA capacity withdrawn in March last year. Ageas stepped in as a full-time provider, with some of the capacity provided by UK General’s parent company. Meanwhile, chief operating officer Michael Warren said the company is not seeking a replacement for Tim Rolfe, who left in January this year.
Warren will continue to run business operations on a daily basis, with chairman Howard Posner in overall charge.
Meanwhile, Warren said the company was progressing well with Smart Schemes, a low-entry scheme facility that allows brokers to personalise elements of cover to build the products they wanted.
UK General aims to capture around 10% of the £1.5bn schemes market. The sales team, led by John Bibby, is out speaking to brokers about potential schemes arrangements.
Warren said: “We’ve got upwards of a 140 opportunities that are in the pipeline, at various states from initial enquiry through to going live. We are absolutely delighted and it’s a real opportunity for growth for us.”
• Oxford Insurance Brokers has purchased the renewal rights from an MGA following its venture capital investment.
Oxford has acquired the renewal rights from Dulwich Insurance Services, which writes commercial property, employers’ liability and public liability products for SME brokers.
Dulwich is backed by capacity by Lloyd’s insurers, including Novae.
Oxford, which was previously NCG Professional Risks before a rebrand earlier this year, received £1.4m funding from venture capitalist BP Marsh in June. BP Marsh also took a 30% stake in the holding company, US Risk (UK) Ltd. Oxford aims to double in size over the next five years.