Following the acquisition of EC Insurance Company Limited (ECIC), the specialist insurer for the contracting market, by Markel International in November 2017, ECIC has begun the process of transferring business over to Markel International Insurance Company Limited (MIICL).
From 1 April 2018, all ECIC business will be written on Markel International Insurance Company Limited (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.
New TOBAs (Terms of Business Agreements) have been designed to allow brokers to bind to MIICL through a number of Markel companies. This will simplify how brokers may 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.
Richard Forrest Smith, CEO of ECIC said: “Markel’s UK national markets business is focused on establishing itself as a liability led, selected sector specialist. 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.
“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.
“Our broker partners will also benefit from access to the full range of Markel products and services in due course.
“It is important to underline, we are the same company our broker partners know and trust with the same people. But we now have the solid backing of one of the world’s most powerful insurers to help drive our business forward to deliver insurance cover reflecting the changing risks our policyholders face today and tomorrow.”