Bridgehaven and Avid team up to bolster property excess of loss solutions

Bridgehaven Insurance has teamed up with Avid Insurance in a bid to provide property excess of loss insurance solutions for registered providers of social housing.

Founded in 2006, Avid Insurance is a Lloyd’s managing general agent (MGA) that specialises in the social housing, leasehold, travel, equine, motorsport and leisure sectors.

A statement released today (8 January 2024) explained that the partnership will merge Bridgehaven’s ability to create “exclusive partnerships” between MGAs and reinsurers with Avid’s expertise in “providing tailored insurance solutions for social housing providers” in the UK.

According to the statement, Avid and Bridgehaven will also be able to “align much needed capacity to meet the higher property limits of insureds though a unique property excess of loss product”.

Stephen Gibson, managing director of Avid, said: “We pride ourselves on producing bespoke, quality insurance solutions for our clients and this alliance with Bridgehaven is a key development in helping us to deliver a broader product offering to clients in need of higher property limits.”

’Significant milestone’

Meanwhile, Paul Jewell, chief executive of Bridgehaven, explained that the way risks were assessed and underwritten through its hybrid fronting model will create “innovative solutions to meet the evolving needs of our clients and the industry”.

Founded in 2023, Bridgehaven is the UK’s first risk-taking fronting insurer in commercial and specialty lines.

The company aims to build a resilient insurance chain by promoting collaboration among MGAs, insurers and reinsurers.

Its strategy involves forming partnerships with MGAs and reinsurers, ensuring mutual interests and transparency in data sharing.

Jewell said: “This partnership between Bridgehaven and Avid marks a significant milestone for both companies.

“Our unmatched, combined expertise, will create innovative solutions to meet the evolving needs of our clients and the industry.”