Ageas UK will provide capacity across various product lines of Victor Insurance UK which support brokers and their clients across the UK
Ageas UK said that it has signed a multi-year agreement with Victor Insurance UK for supporting the writing of £60m gross written premium (GWP) in the next five years.
As per the agreement, which comes into immediate effect, the British subsidiary of Ageas will provide capacity across various Victor Insurance UK’s product lines which support brokers and their clients across the UK.
Victor Insurance UK’s product lines cover agriculture, third sector, combined liability, commercial motor, financial lines, real estate, transit, and others.
Previously operating as Bluefin Underwriting, the company is part of Victor Insurance, a managing general underwriter with operations across the US, Canada, UK, Germany, Italy, the Netherlands, and Australia.
Ageas UK distribution director Mark Auchterlonie said: “We’ve been telling the market that we’re open to new opportunities to grow our commercial portfolio and this agreement is further evidence of that.
“Victor’s underwriting capabilities and forward-thinking business model plays to our specialist expertise, while further broadening our continued commitment to the commercial market.”
Both the firms are already working together in support of Victor Insurance’s contractors’ insurance products.
Victor Insurance UK management comments on the new agreement
Victor Insurance UK country manager John Stephenson said: “We have had a longstanding relationship with Ageas, an insurer that has a keen understanding of Victor’s business model.
“This new arrangement provides strong financial security and long term stability to our brokers in a period of market uncertainty, as we look to meet Victor’s ambitious growth plans.”
Earlier this year, Ageas UK inked a five-year partnership with UK-based Post Office Insurance to offer a variety of home insurance products to the latter’s new and existing customers. The new home insurance products as per the insurer are said to be built from scratch and will offer three different levels of cover, Gold, Silver, and Bronze to the customers.