New company says it will focus on its service and offering rather than trying to compete on price
Keychoice Underwriting managing director Jonathan Davey has unveiled the capacity providers behind his new managing general agency (MGA).
Davey has signed up Inter Hannover (the UK branch of German reinsurer Hannover Re), Zurich and MMA Insurance as the three major supporters of the proposition, which is now writing business.
The new company is targeting the 900 brokers that are members of Keychoice Network – part of technology firm SSP – and together control more than £2bn of commercial lines gross written premium.
Former Primary Broker Services Holdings chief executive Davey declared the business would offer “more than just a normal broker MGA” and is aiming to write profitable business over volume.
He also insisted that Keychoice would not be looking to compete on price with rival MGAs, but would focus on its service and offering to brokers.
It will begin by offering commercial combined, package and property owner’s products, exclusively to Keychoice Network members.
More products are set to follow later in the year.
Davey said independent brokers had been “overlooked and under-serviced” in the commercial lines market.
“Service is top of every broker’s wish list but bottom of their satisfaction list,” he said.
“We will harness the power of the 40% of the UK broker market and the £2bn of commercial premium income within the existing Keychoice Network to ensure that brokers get a better deal in the commercial insurance sector, enabling them to thrive.”
Davey is also in discussions with other insurers in a bid to increase the panel. He has already agreed ancillary partnerships with HSB Engineering and legal expenses insurer DAS.
In February, Davey appointed a senior management team. Former Ignition NBS managing director Derek Findlayson became strategy and propositions director; Tony Griffiths joined as underwriting director from Lynx Underwriting Services, where he was managing director; and Dene Smith, previously at AXA, was appointed head of sales.
Also, a team of 15 underwriters has been recruited and is set to grow.
Findlayson said: "We’ve listened to brokers and are giving them what they want – direct access to underwriters with the nous and remit to make decisions. This allows brokers to get on with doing what they do best."
Davey’s plans also include offering about a dozen brokers an equity stake in the business. SSP chief executive Laurence Walker is hopeful that the MGA will become become a “major force” in the UK market.