The increase will provide the MGA’s brokers with an ‘enhanced proposition’ for clients, says chief underwriting officer
MGA Aqueous Underwriting has boosted capacity to expand its work in the UK professional indemnity (PI) insurance market.
The managing general agent now offers cover for limits up to £10m – either on a primary or excess layer basis, or a combination of both.
It also enables Aqueous to offer its brokers more comprehensive programmes, multiple coverage layers and excess of loss capacity for risks where the MGA is not the primary provider.
The capacity has been secured through Great American International Insurance (UK) joining Aqueous’ existing panel of providers.
Mark Ford, chief underwriting officer at Aqueous, said: “This is an exciting development for Aqueous at a time when the PI market overall is suffering from restricted capacity, with many providers pulling back from the sector.
“Extending our capabilities with the ability to write with a larger line-size, and an increased income threshold, has enabled us to offer our brokers an enhanced proposition for their clients.”
Aqueous’ PI book currently focuses on accountancy, design and construct, architects and engineers, property professionals such as estate agents, as well as media and technology professions.
In 2021, the MGA’s PI premium capacity almost doubled – rising by 83% from £15m up to £27.5m.
Ford added: “We now have five A Rated capacity backers, providing our brokers and their clients with a quality offering, which satisfies all of their purchasing requirements in a one-stop shop.”