UK-based Aqua Underwriting announced the launch of a range of niche commercial combined products exclusively for brokers, building on its success with high net worth (HNW) products in the personal lines market.
Aqua said its “first commercial products and schemes have been developed specifically for the engineering, plastic manufacturing and print industries,” as well as coverage for unoccupied property.
The bulletin added that the company is “applying the same broker-focused and flexible underwriting approach as used in its HNW business to develop and deliver the commercial product range. The products have been designed and are underwritten by an experienced team with specific knowledge of these niche areas. With direct access to underwriters and broad authority limits from its Insurer partners.”
Aqua said it “aims to provide a faster turnaround and improved levels of service to support brokers.” The commercial team is led by Paul Sims, Underwriting Director, who brings nearly 20 years of sector experience, including underwriting roles with RK Harrison and Aviva.
Jonathan Rouse, Managing Director of Aqua commented: “The response to our HNW products and broker-focused approach has been very positive. By combining experienced teams and flexible underwriting we aim to replicate the successes we have achieved in HNW within niches in the commercial market.”
Aqua also noted that it had “secured BIBA’s [British Insurance Brokers Association] HNW scheme in 2011 and started writing business from February 2012. The scheme is the largest and longest running of those offered to the Association’s members. Aqua’s HNW underwriting platform supports both large private client specialists and brokers who only have a few HNW clients within their portfolios. Focused on providing direct access to knowledgeable underwriters drawn from the broker and insurer markets, unlike many of its rivals, the team does not impose minimum premium volume levels.”
Source: Aqua Underwriting