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.