Bspoke Underwriting secures five-year £250m capacity deal

Specialist personal lines MGU Bspoke Underwriting has secured a new £250m capacity deal via the Accelerant Risk Exchange.

Bspoke Underwriting said the deal – which will see £50m of capital backing provided over each of the next five years – will help to support its “growing portfolio of specialty personal lines schemes”.

The MGU currently offers approximately 20 personal lines products to the market, specialising in niche or low-distribution lines including events, leisure, cherished items and motor ancillary cover.

Funding was secured via the Accelerant Risk Exchange, an insurance platform founded in 2018 that connects speciality underwriters with risk capital providers.

Bspoke Underwriting said the deal “ensures continuity for coverholders whilst creating additional headroom” and reinforces its message that it is “open for business for well-structured niche personal lines schemes, particularly outside mainstream mass-market distribution”.

Distinctive proposition

According to William Coates, member relationships director at Accelerant, Bspoke Underwriting has “built a distinctive specialty personal lines proposition and a strong track record supporting coverholders in niche markets”.

“We’re pleased to support the continued expansion of its non-standard portfolio and bring more specialist products to customers through trusted scheme partners,” he added.

Clare Knight, managing director at Bspoke Underwriting, said: “Securing this five-year partnership is an important step for us and our coverholder partners. This is a complex, multi-line portfolio and we worked at real pace to deliver a smooth transition.

“It’s been a fantastic demonstration of what can be achieved when everyone collaborates to find solutions and our transparent, close-working partnership with Accelerant has been central throughout.

“The new capacity gives us flexibility, stability and room to grow as we continue backing innovative niche products and specialist distribution.”