New capacity deal for Charles Manchester’s managing general agent
Manchester Underwriting Management (MUM) has signed a capacity agreement with International General Insurance Company (IGI) to write professional indemnity (PI) for UK chartered surveyors, including valuers.
Insurers faced a large number of payouts when property prices tumbled in 2008 and valuers were sued by lenders. Aviva pulled out of all SME professional indemnity risks in April.
But chief executive Charles Manchester said: “I’m working on the basis that things have changed a bit now. I think it’s time to go back in. The property market has improved, the economy has improved and the legal environment has improved following the Jackson reforms.”
MUM has started offering the products to about 300 brokers.
IGI has an AM Best financial strength rating of A- and Manchester is a non-executive director.
MUM continues to write business on behalf of shareholder Amlin.
It has also sourced capacity from a third insurer, Lloyd’s syndicate Marketform, on whose behalf it is now writing financial institutions risks.