The overall deal is worth in excess of £40m over five years and Ageas will take over underwriting the scheme on 1st November 2020
PIB Group and Ageas announce £40m GWP deal for tenant risks business. (Credit: Tumisu from Pixabay)
PIB Group Ltd (‘PIB’) has today announced a five-year agreement to partner with Ageas in writing its Tenant Risks schemes. The overall deal is worth in excess of £40m over five years and Ageas will take over underwriting the scheme on 1st November 2020.
The scheme offers bespoke cover, wide acceptance criteria and flexible payment options for social housing tenants in England, Scotland and Wales. In handling claims, Ageas will draw on its expertise in this sector, recognising and supporting a wide range of customers across the UK.
Commenting on the new agreement Mark Auchterlonie, Director of Distribution at Ageas, said: One of the most fundamental principles of insurance is to ensure that anyone who wants to protect themselves is able to do so. We therefore welcome this opportunity to partner with PIB and, in the process, broaden our continued commitment to profitable growth in the broker market.
Bernard Mageean, CEO, PIB Schemes and Affinity from PIB Group said: We have offered this insurance product for over 30 years and it is highly valued by the 100,000 tenants who have this cover and the local authorities and housing associations we work with. We are delighted to partner with Ageas and look forward to the opportunity to offer an improved product and service to current and future customers.”
Source: Company Press Release