Lloyd's underwriter Equity Red Star is gearing up for a
major expansion of its household book.
The insurer aims to generate £10m gross written premium (GWP) and £5m profits within 18 months.
A series of new products will be launched at the end of
the year to underpin growth.
Stuart Heath, non-motor underwriter for Equity Red Star, said: “Equity is primarily a motor-based syndicate – we
are pushing household to help balance the books.
“As motor goes through the cycle we are hoping household will provide a stable profit stream.”
This week Equity Red Star launched Resilets, a cover
designed for landlords. The policy will cover up to £5,000
of malicious damage by tenants, as well as protection
from loss of rental income.
“There is a lack of choice for landlords who seek a policy tailored to their needs, rather than merely adapted
from a standard household product,” said Heath.
There are also plans to go full cycle EDI on a ‘bedlet'
cover in December.
“This will be a bedroom rated product, which is a standard offering based on the number of bedrooms in the property,” said Heath A mid-net worth product,Gold, will be revised and relaunched in the first quarter of 2007.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
