APC secures support to boost expansion plans
Commercial insurance underwriting agency, APC, has secured additional underwriting capacity from the Lloyd’s and London market.
Additional capacity is being introduced by new backer Liberty Mutual Insurance along with existing Lloyd’s providers Sagicor and Kiln.
APC is targeted to deliver premium income of approximately £20m with backing for further growth as rates harden.
APC chief executive Brian Russell said: “Over the last five years, the market has suffered from an elongated soft market that stubbornly remained regardless of claims levels and economic changes. We are however starting to see the green shoots of hardened rates across many of our key lines of business.
“As a result we approached both our existing capacity providers and new markets at the end of 2011 to seek backing for expansion and I am very pleased to announce that we have secured the support we were looking for.”
In 2012, APC said it is planning to expand its partnerships with software houses, increasing its broker base by 50%, and move into continental Europe.
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