The five-year agreement will support writing £60m GWP

Insurer Ageas has signed a five-year agreement with Victor Insurance UK to provide capacity equating to £60m gross written premium (GWP).

Under the agreement, which is effectively immediately, Ageas will provide capacity across several of Victor’s product lines, including agriculture and third sector.

The businesses already collaborate in support of Victor’s contractors’ insurance products.

Commenting on the new agreement, Mark Auchterlonie, director of distribution at Ageas UK, said: “We’ve been telling the market that we’re open to new opportunities to grow our commercial portfolio and this agreement is further evidence of that.

“Victor’s underwriting capabilities and forward-thinking business model plays to our specialist expertise, while further broadening our continued commitment to the commercial market.”

John Stephenson, country manager for Victor Insurance UK, added: “We have had a longstanding relationship with Ageas, an insurer that has a keen understanding of Victor’s business model.

“This new arrangement provides strong financial security and long-term stability to our brokers in a period of market uncertainty, as we look to meet Victor’s ambitious growth plans.”