The partners plan on bringing several new schemes to the UK insurance market
MGA Avid Insurance has snapped up Allianz Partners UK as its new capacity provider, according to a statement released today (9 May 2023).
As part of the deal, Avid’s travel insurance policies distributed via its partner schemes will now be underwritten by Allianz Partners.
Avid Insurance’s head of personal lines Dan Baldwin said the aim of the move was to “build a fruitful partnership that delivers measured and profitable growth” for its new capacity provider.
“This is an exciting new partnership for Avid, bringing together the strength of Avid’s scheme management, reporting and analytics capabilities and distribution partnerships with Allianz Partners UK’s commitment to expand their presence within the travel insurance market,” he said.
“After discussions with a number of potential capacity partners, Allianz quickly emerged as our partner of choice due to their experience in the travel market, financial strength and appetite to work with us for the long-term.”
Baldwin added that one strategic goal for the business duo was to bring “several more” schemes offering single-trip and multi-trip products later in 2023.
Marcus Latchford, chief sales and distribution officer for Allianz Partners UK and Ireland, said: “Providing the underwriting capacity for Avid’s travel schemes is an exciting and significant opportunity for us to broaden our distribution in a key part of the travel insurance market.
“As travel has opened up following the relaxation of Covid-19 restrictions, we’ve experienced unprecedented demand for our products and services and are continuing to build our share of the travel insurance market on the back of this.
“Our strong underwriting and technical capabilities give us a great platform to expand our coverage further into the broker and MGA channels and our new partnership with Avid is another key step in this journey.”