Atec switches 140,000 policyholders to Addept in add-on insurance shakeup

Atec Group has transferred its entire add-on insurance portfolio of 140,000 policyholders from Arc to Addept Insurance Services.

The move will see all new business and future renewals across Atec’s add-on insurance portfolio migrate to Addept over the coming months, while existing policies will continue to renew with Arc until they transition.

The portfolio includes a range of ancillary insurance products such as legal expenses, home emergency, rent guarantee, family legal protection, commercial legal protection and specialist niche covers.

The deal represents one of the larger portfolio migrations within the legal expenses and ancillary insurance market in recent years and reflects growing demand among distributors for more flexible product development capabilities.

Atec said the agreement would provide access to broader product innovation as it continues to diversify into SME and non-standard insurance sectors.

James O’Hara, commercial director at Atec, said Addept’s product capabilities aligned closely with the group’s strategic direction.

“Its breadth and depth of product capability is a strong fit with Atec’s strategic direction, particularly as we continue to expand into SME and other non-standard risks,” he said.

Responsive solutions

Addept specialises in legal expenses and ancillary insurance products and works with brokers and intermediaries across a range of personal and commercial lines markets.

Richard Finan, managing director at Addept, said: “The partnership promises significant mutual opportunity to grow, delivering new and responsive solutions to the needs of today’s brokers and their customers.

”By combining Atec’s distribution strength and data insight with Addept’s product expertise, we see significant opportunity to create differentiated solutions, unlock new segments and deliver consistent, long-term value to the market.”

The move comes as brokers increasingly look to ancillary products as a source of growth and differentiation in a competitive distribution market.