View this article online: https://www.insurancejournal.com/news/international/2018/03/06/482474.htm
EC Insurance Company Ltd. (ECIC), the specialist insurer for the contracting market, has begun the process of transferring business over to Markel International Insurance Co. Ltd. (MIICL), following ECIC’s acquisition by Markel in November 2017.
Sevenoaks, England-based ECIC provides insurance products for contractors and affinity groups across the UK building services sector.
From April 1, 2018, all ECIC business will be written on MIICL paper and the named insurer on policy documents will be MIICL.
“ECIC will therefore become a trading name of Markel, and from the same date, ECIC will be adopting a new and more Markel relevant style of brand,” ECIC said in a statement.
New terms of business agreements (TOBAs) have been designed to allow brokers to bind to MIICL through a number of Markel companies, said the company, noting that this simplifies how brokers will access ECIC products and services as well as those of the wider Markel portfolio.
ECIC now sits in Markel’s UK national markets business alongside its fee protection and advisory business Abbey Legal and Abbey Tax which support a number of affinity groups including the Federation of Small Businesses.
“Markel’s UK national markets business is focused on establishing itself as a liability led, selected sector specialist,” said Richard Forrest Smith, CEO of ECIC. “ECIC fits very nicely into that offering, bringing over 40 years’ underwriting and claims expertise in the contracting market.”
“Being part of Markel International will bring many benefits to the trade associations, brokers and contractors that ECIC supports with insurance covers. Not least in the way we will be able to leverage the strength of the Markel business to deliver a greater breadth of products and services,” he added.
“We already have a number of key product enhancements scheduled for 2018 and we are looking to grow our product range to include legal expenses cover and cyber cover for the specialist contractor market we serve.”
He emphasized that ECIC is the same company “our broker partners know and trust with the same people,” now with with “the solid backing of one of the world’s most powerful insurers to help drive our business forward….”
Source: EC Insurance Company Ltd (ECIC)
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