North-West based Pukka Insure has slowed its pace of growth after reaching a new business policy writing limit with provider New India. The MGA, run by Sam White has had a busy year or two, expanding from its core van insurance base to take on the challenge in the highly competitive car insurance sector, making its debut in Australia and trebling its business in a very short space of time.
Pukka is also a sister company to Action 365, which deals with accident management from its Cheadle offices. The Pukka Freedom Brokers brand also announced a tie-up with Mike Brockman’s ThingCo last year, to launch Pukka Tech, with the aim being to expand the take up on telematics based, PAYG type car and van cover.
Late in 2019 Pukka split from Danish insurer Gefion, which was reportedly working closely with the Danish regulator last year, to provide further information on the value of reinsurance contracts, and build up its cash reserves to meet regulator requirements. Gefion did this by December 2019.
IE mag contacted Sam White at Pukka today, who offered a brief summary of the situation;
“We have a couple of capacity providers, one of which is New India, who we have a three year deal with, we have however have annual GWP limits and we have unfortunately reached them earlier than intended, so we are pausing for now. Pukka will be back up to full speed in a couple of months but for now it’s reduced trading.”