MGAA announces new member

The Managing General Agents’ Association (MGAA) has announced that ARMD has joined the organisation as a member.

ARMD is backed by A-rated capacity and has a Tools In Transit product that provides up to £10,000 cover for tools left securely in a van 24/7.

It also includes a web-based tool inventory, so tradespeople provide evidence of ownership to obtain quicker five-day claims payments.

The firm joins the MGAA after focusing its strategy on distributing via brokers after launching its product on wholesale distribution platform Sparta in December 2023.

“A huge welcome to our newest MGA member ARMD Limited,” the MGAA said on LinkedIn.

“ARMD products help brokers better protect their trade customers with insurance that is fit for purpose, fairly priced and backed by A-rated capacity.”

Gap in market

ARMD’s latest hire Alan Hickman told Insurance Times that its Tools in Transit product can fill a gap in the tradesperson market, with theft from vans becoming a “significant problem”.

Back in May 2023, insurer Direct Line revealed that there were 35,098 incidents of tool theft reported to police forces in 2022 – up 13% from 2021.

Over half (55%) of the tool thefts took place from a vehicle – equating to 19,147 cases and a 10% increase from 2021.

“There is absolutely a gap in the market to offer really premium products to tradespeople because [theft] is a problem that exists,” Hickman said.

“Theft is our start point with Tools in Transit – theft from a van is a significant problem.

“The numbers are enormous, they are growing year-on-year, so there is a problem to be solved.”