Direct’s new Novus MGA will focus on warranty and affinity business

Direct Insurance Group has launched a specialist warranty and affinity MGA, Novus Underwriting.

The specialist Lloyd’s broker and wholesaler said Novus will primarily write extended warranty and affinity (re)insurance business on a worldwide basis, underwritten by a panel of A-rated carriers.

Novus will operate from its London Headquarters, in addition to offices in Liechtenstein and Miami and will initially write business for new and used car extended warranty; GAP insurance; brown and white goods extended warranty; and affinity products and schemes.

Novus chief executive David Bearman said: “We have a very experienced team of people who are considered market leaders in their specialist classes of businesses and who have a proven track record of underwriting profitable accounts.”

He said Novus has already agreed a number of deals that will see its GWP pass €50m in the next two years, and reach €250m in five years.