A new property owners product will be available for broker partners from February
MGA Q Underwriting has confirmed a multi-year, multi-million-pound capacity deal with Munich Re company ERGO UK Specialty – the capacity is specifically earmarked for the creation of a new property and package division at Q Underwriting.
In particular, the capacity will be used to launch a new property owners product, which will be available for broker partners from 8 February. The MGA said this will be the first of several new product developments it has planned for 2021.
Bernard Mageean, chief executive of Q Underwriting, said: “At a time when MGAs are struggling to maintain and secure capacity, this first deal of 2021 signifies the solid foundations of Q Underwriting and is an endorsement of the confidence that insurer partners have in the business and the team.
“To secure a significant amount of long-term, A rated capacity from such a prestigious insurer at such a challenging time is a strong endorsement of the quality of our business; it is important to us that we continue to demonstrate we are a reliable and consistent partner for brokers.”
The business expects to announce further capacity developments in due course, it said.
Taking the reins
The new proposition, which will be underwritten by the MGA’s Q Protect brand, is led by Duncan Scott, head of underwriting operations for the property and package division.
He said: “I’m very pleased to be taking the reins of Q Underwriting’s specialist property and package propositions across aQmen Underwriting, Cobra Underwriting Agencies and Q Protect.
“Q Underwriting is a high-quality business and I am excited about what we can do with the new capacity, some new faces and a supportive agency base.”
Q Underwriting, which turned two at the beginning of the year, has specialisms across property, casualty, motor and financial lines. Acting as broker PIB Group’s underwriting division, it handles more than £100m gross written premium.