Geo Specialty, part of The Ardonagh Group, today announces that it has partnered with Accredited
Insurance (Europe) Limited (‘Accredited’) and Affiniti Finance Limited to create an insurance solution
that will provide After The Event (‘ATE’) legal expense cover for consumer claimants.
ATE covers claimants for legal costs if their own claim is unsuccessful, effectively mitigating the risk of
pursuing a legal claim. Having ATE in place is often a lending requirement for litigation funders, and
the new scheme will introduce a new route for individuals and SMEs in a hard market.
Funding for ATE will be provided by Affiniti Finance with the ATE policies underwritten by Accredited,
a subsidiary of Randall & Quilter Investment Holdings, with a reinsurance captive set up and
managed by Robus.
Geo Specialty will lead the underwriting of policies in the UK.
Colin Johnson, CEO of Accredited, said ‘’We are delighted to complete this transaction and add Geo
to our stable of high quality MGAs in this case supported by the experienced funding platform of
Affiniti. We are excited by the opportunities we are seeing within the ATE sector and look forward to
working with the respective teams led by both David Cahoon and Ian Cunningham. This transaction
enables us to further expand our offering across UK and Europe as we seek to take advantage of our
growing reputation in the program management sector.”
Ian Cunningham, Affiniti Finance CEO said: “This new strategic partnership with Accredited and
Ardonagh will benefit our clients greatly and add much needed additional capacity to an ever growing
market. This partnership will also enable Affiniti Finance to roll out a number of new exciting lending
options in the coming months which will further enhance our market leading products.”
Geo chief underwriting officer David Cahoon said: “As an MGA our focus is entirely on providing
insurance solutions for difficult markets. We’re pleased to work with Accredited, Affiniti and Robus to
launch an innovative insurance solution.”
Accredited is licensed to write all non-life insurance classes in all EU states and has branch offices in
the UK and Italy. Accredited is A- (excellent) A. M. Best rated and provides a ready-made distribution
channel for reinsurers and can provide an effective Brexit solution to European MGAs.
Be the first to comment