The deal represents “a new partnership that marks a major and important step on our journey,” says head of eTrade

MGA Aqueous Underwriting has secured new capacity following the signing of an initial three-year deal with Allianz Insurance.

The new binder agreement will be active for all broker submissions from 1 April 2023.

The move is part of Aqueous Underwriting’s plan to grow its its presence in the commercial SME and professional indemnity market and expand its capacity by around 70%.

In the SME market, Aqueous specialises in the food, hospitality, leisure and hotel sectors.

With the “support” of Allianz, Aqueous Underwriting said it was aiming to “develop long term relationships with sustainable partners” in alignment with its mission and “agile approach to product development” for brokers.

New partnership

Aqueous Underwriting’s partnership with the global insurer Allianz marks a “significant milestone” in Aqueous’ development in growing its capacity, said a statement. 

The MGA will have access to Allianz’s claims service, which has received an ‘outstanding’ service quality marque from consulting firm Gracechurch.

Tom Hill, head of eTrade at Aqueous Underwriting, commented: “We are delighted to have been able to secure the support of Allianz – a powerhouse in the insurance market – a new partnership that marks a major and important step on our journey.”

Helen Bryant, director of digital trading at Allianz Commercial, added: “Aqueous is a leading light in the SME insurance market, with its combination of inhouse technical knowledge, market relationships and agile approach to product development, having already proved itself as a winning formula for brokers.”