Aviva, Allianz, RSA and Zurich to write SME business
Willis is yet to underwrite any business under its managed general agency arm (MGA) set up by UK chief executive Brendan McManus.
Under a five-year deal with Aviva, Allianz, RSA and Zurich for SME business, McManus said they had agreed terms under which Willis could write business on their behalf.
He said that he wanted to build the product and control branding around Willis, and then put the technology in. The company had signed a contract with software house Acturis.
He would not be drawn on the targets for when Willis would begin underwriting as it was “commercially sensitive”. But he said that once the products had been built and the service honed, the final piece of the jigsaw would be to provide underwriting.
Carriers Brit and Mitsui have been signed up for the mid-market proposition and McManus said he was working with the usual top ten insurer partners about developing similar products across D&O, PI and travel.
He added that the current volume of the potential business was £18m across all lines, a figure behind expectations. He would not say what this target was, or what projections and time-frames were.
McManus added that he was pleased with the uptake of N2, the Willis network for smaller high street brokers, despite competition from Aviva and Marsh. Both have launched similar initiatives.