The UK-based commercial insurance underwriting agency, APC, announced that it has increased the limits on the majority of its public and products liability risks to £10 million ($15 million] and property risks to £50 million [$75 million] “to help smaller brokers win larger clients.”
The bulletin explained that the increased public and products liability limits “will eradicate the need for brokers to duplicate their workloads in order to secure a second excess of loss policy to supplement the industry’s standard £2 million [$3 million] or £5 million [$7.53 million] products. Dealing with APC online via its QuoteMac trading platform will further improve efficiency regardless of the level of cover required.
“Brokers looking to secure business from clients looking to protect valuable property assets will also benefit from APC’s new £50 million] in any one location limit,” the bulletin continued. The increased coverage limits are primarily aimed at hotel proprietors, property owners and businesses “requiring extensive commercial combined cover; quotes are also produced online to deliver a fast turn-around.”
In addition APC noted that the limit increases come “less than three months after APC London Markets was formed to place a wide range of risks including property, casualty, professional indemnity and directors & officers with both Lloyd’s and London company market insurers. Combined these flexible facilities offer brokers the opportunity to compete equally against any size of competitor.”
APC director, Ian Russell said: “Many of our brokers are competing against rivals many times their size to win large accounts. In this situation it is essential for them to be able to access the large limits required by their clients quickly and from one source.
“By both increasing the most important limits online and providing access to a dedicate London Market team we believe we are significantly increasing brokers business conversion chances while saving them valuable trading time.”
APC Underwriting, launched in 1993, is a service orientated underwriting agency specializing in providing insurance cover for the SME market, including larger commercial & liability business. It is also an accredited Lloyd’s broker, and said it is “set to achieve premiums of between £15 million – £20 million [$22.6 million – $30 million] in 2013.
“APC works with approximately 1,000 UK regional brokers. Its capacity is provided by a number of Lloyd’s and London Company underwriters, all of which are ‘A’ security rated.
APC Underwriting is a trading name of Anglo Pacific Consultants Limited, which is authorized and regulated by the Financial Services Authority.”
Source: APC Underwriting
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