Aviva to underwrite 50% of Zenith’s pet book in quota-share reinsurance deal
Markerstudy’s Gibraltar-based insurer Zenith has signed a deal that will see Aviva underwrite 50% of its pet book.
Under the deal, Zenith will share the underwriting risk from its pet business with Aviva rather than taking all the underwriting risk itself.
The deal is structured as a quota-share reinsurance contract, under which the reinsurer pays a set proportion of all the claims in return for a set proportion of the premium.
Zenith will continue to provide the sales, service and claims delivery for its customers.
The deal is an extension of the existing relationship between Aviva, Zenith and Markerstudy, which until now has focused on motor, home and SME products.
Markerstudy group underwriting director Gary Humphreys said: “This arrangement will continue to promote a homogeneous portfolio of insured risks and balance our ever-growing book of business.”
Aviva chief sales and marketing officer Phil Bayles added: “I’m delighted that Zenith has chosen Aviva to underwrite this important line of business.
“It’s a real demonstration of trust in our expertise and further strengthens our already first-rate relationship.
“It’s also an important step forward in achieving our own aspirations for sustainable growth across our partnerships and UK general insurance business this year.”