It will also introduce new products over the next 12 months
In the wake of managing general agent’s (MGA) feeling the squeeze as the market hardens – Aqueous Underwriting has entered a long-term partnership with insurer QIC Europe Limited (QEL).
Tom Hill, executive director property & casualty at Aqueous said that the agreement means it can continue to provide sustainable risk solutions to its broker partners.
QEL will provide £60m in capacity for the MGA over the next three years. This includes providing capacity for its property and casualty products distributed via its delegated authority and e-trade channels in the UK and Irish market. As well as the introduction of new products over the next 12 months.
Aqueous is an MGA which specializes in the SME hospitality and the leisure sector as well as professional indemnity for a wide range of professions.
Hill, said: “In a period of capacity contraction for many MGAs, fuelled by the Lloyd’s decile 10 initiative and increased M&A activity, it’s great to have the support of a long-term partner, such as QEL, who share our ambition for growth and product innovation. This agreement means we can continue to provide sustainable risk solutions to our broker partners.”
Michael van der Straaten, chief executive of QEL added: “We have been very impressed by the range of capabilities that Aqueous has and we share many common values, particularly their drive for long-term underwriting profit and partnership.”
Malta-based and regulated QEL was established in November 2014, it is rated A/Stable by S&P Global Ratings.
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