QBE has formed a new partnership with Evo Surety to help provide service to the UK SME contractor bond market for the first time.
Under this partnership, Evo Surety will be able to issue guarantees up to £750,000 on behalf of QBE and together they will be able to provide much needed capacity to this marketplace. Customers will also benefit from QBE’s S&P A+ rated financial strength.
QBE’s UK surety offering has previously focused on medium and larger building contractor customers but has looked to widen the offering due to growing opportunities in the SME space.
Tom Johnson, UK Surety Manager, QBE said: “Over the past couple of years, QBE UK Surety has explored a number of ways to enter the SME contractor bond market but wanted to do this in a way that provided the best possible customer service. This partnership is an exciting opportunity that will allow QBE to provide a surety solution to a range of customers that we have previously been unable to service directly.”
He continued: “Evo Surety is a well-established and highly experienced underwriter in the SME UK contractor bond market and we believe their service levels are a great match the high standards we expect for our customers. In turn, Evo Surety will be able to leverage on QBE’s construction expertise and technological platforms to help make real time underwriting decisions for their customers.”
Will Bidwell, Managing Director, Evo Surety said: “I am very proud that QBE has chosen Evo Surety as its partner in the SME Surety sector and look forward to working with brokers and clients who want A+ Rated Security coupled with quick efficient service”.