MGA announces new £25m capacity deal

Managing general agent (MGA) Arkel has secured an additional £25m delegated authority binder with Axis for Landlords’ let property.

The new tranche of Lloyd’s funds has been secured with Axis Syndicate 1686 and boosts Arkel’s available capacity to over £50m.

The move also means the MGA is now a Lloyd’s coverholder – it said this opened up “further opportunities for Lloyd’s capacity arrangements on non-standard home and other complementary lines”.

Kris Lee, chief underwriting officer at Arkel, said: “We are delighted to announce this new significant tranche of capacity with Axis.

“We are committed to providing our broker partners with secure capacity and a fast and efficient service.

“We have a powerful combination of strong underwriting experience, leading data, actuarial and tech capabilities that make us flight of foot and able to respond to brokers fast and with certainty.”

Growth

Arkel’s let property products are already live on software houses, including SSP and Applied Systems, and it expects to go live with other distribution partners later this year.

It expects to grow its gross written premium (GWP) to £42m by the end of this year and is currently targeting £100m GWP within the next five years.

Mike Worton, senior underwriter of UK property at Axis, said: “We are pleased to be working with Arkel, which shares our vision for providing elevated specialty solutions for brokers and their clients through their underwriting expertise, application of data and analytics and powerful proprietary tech and pricing tools.”