AEGIS London, the UK- based subsidiary of mutual insurer AEGIS (Associated Electric & Gas Insurance Services Limited) has announced the approval of $1 million in premium credits which will be returned to members through its Premium Credit Program.
The bulletin noted that the program has been in existence for seven years, and is designed to reward “eligible policyholders who renew their coverage through the AEGIS London syndicate.”
Stuart Davies, Managing Director of AEGIS London, commented: “Despite tough market conditions, our positive 2010 results mean that members will again be eligible to receive a share of $1 million in premium credits.
“We believe our members should share in our success and the Premium Credit Programme is a tangible way of rewarding their loyalty. Since the scheme’s inception in 2005, we are pleased to have declared a total of $11.5 million in premium credits; a figure which is testament to our disciplined underwriting performance.”
The Premium Credit Program is based on a similar one operated by AEGIS in the US which rewards its members (predominantly US energy companies) for continuing to place their insurance with the organisation.
Those eligible policyholders who have placed profitable insurance business with AEGIS London and continue to do so in 2011 will be due a payment to offset future premium payments. The total premium credit pool of US$1 million will be allocated between eligible policyholders in proportion to their contribution to profit.
Source: AEGIS London
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