Ascot Underwriting has said that the renewal rights for Jubilee Managing Agency's Commercial Motor account have been acquired by Direct Commercial, who will write the business on behalf of Ascot.

According to the Ascot, the agreement will see all renewals due from 11 December 2010 onwards being invited by Direct Commercial. Renewal invitations and quotations prior to this date will be honored by Jubilee.

Jubilee will continue to handle the administration and claims on policies incepted prior to the transfer date.

Jubilee Managing Agency CEO Andreas Loucaides said the company is pleased to find a home for policyholders and brokers that will provide with continuity and service support they have come to expect from Jubilee.

The Commercial Motor specializes in niche areas of the market including fleet, taxi, bus and coach insurance. All existing partnerships with a select panel of intermediaries will remain in force.