The deal will see capacity be provided to the MGA’s mid net worth home insurance product
Magenta, part of Howden-owned MGA Dual UK, has signed a new capacity deal with Zurich.
The deal will see capacity be provided for Magenta’s mid net worth (MNW) home insurance product.
The new capacity comes following Magenta spotting that underinsurance and incorrect cover are long-standing issues for the MNW home insurance market.
It added that as valuable possessions, such as antiques, jewellery, or fine art, are passed down to new owners, ”standard policies frequently fall short” in covering these newly acquired specialist items.
’Longstanding partnership’
David Reid, chief executive at Magenta, said: “I’m delighted that partnering with Zurich will allow Magenta to provide brokers and their clients with greater confidence and peace of mind when it comes to protecting their homes.
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“Magenta has a wealth of underwriting experience in residential property and our well-established, comprehensive MNW home insurance policy continues to grow in popularity.
”A significant number of insurers have moved away from offering this cover in recent years, largely due to the commercial demands of brokers who require tailored underwriting assessment. Magenta’s expertise in specialty residential underwriting, combined with our bespoke trading platform, has helped deliver an impressive underwriting performance year-on-year.”
David Nichols, head of P&C retail at Zurich, added: “Our specialist insurance portfolio has grown rapidly this year and our latest collaboration with Magenta is testament to the strength of our longstanding partnership with the wider Dual group.”
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