Insurer signs five year capacity deal

Fortis Insurance has signed a five year deal to provide Primary with £50m of capacity annually.

It replaces AXA as the major capacity provider for UKU Underwriting (UKU), part of the Primary Group.

Fortis UK chief executive Barry Smith said: “This significant new deal supports out strategy in the UK to further widen our distribution channels and broaden our product width, and is further evidence of the strength of our proposition in these markets. I am confident that we will continue to grow and develop UKU’s business in its core markets, further enhancing and innovating the combined proposition. This is another example of our desire to invest and grow our business in the UK.”

Philip James, chief executive of Primary Group, said: “We would like to thank AXA for all their support over the past three years, but both organisations felt that they would be best served through pursuing their own strategies independently.”