The latest partnership news from Novus Underwriting;
Novus Underwriting, the specialist global wholesale warranty and affinity MGA, part of the International Speciality (Re)Insurance MGA Rokstone, is delighted to announce a new partnership with Collinson Insurance for its annually renewable warranty products, representing more than 500,000 policies.
The new exclusive binding authority with Collinson Insurance strengthens Novus’s position within the UK and complements the existing relationships in place with several other providers, which allows Novus to deploy capacity across the UK, Asia, Middle East, and Europe.
Backed by data science and technology for a differentiated underwriting, compliance, and claims experience, Novus delivers a market-defining approach for carriers and diversified programs that enhance product sales and distribution for clients.
Currently Novus writes over £230 million gross premium per annum across mobile device protection, extended vehicle warranty, GAP, affinity programs, appliance and furniture warranty, and financial protection products. In the next five years it is targeting £550 million GWP per annum. Novus, which is currently active in 26 countries, is also targeting expansion into the US, Australia and India in the coming years.
John McGonigle, Chief Underwriting Officer at Rokstone Consumer, commented: “The Novus team at Rokstone has ambitious plans, and we’re delighted that Collinson Insurance shares our vision. It operates incredibly stringent due diligence processes, so this expansion of our relationship is a huge endorsement of our expertise. We are focussed on being the best underwriting business in the global warranty and affinity space. We never stand still, constantly turning niche opportunities into profitable, expertly written, and well-managed schemes under the exclusive authority of our carrier partners. Our growing team, including the recent appointment of a data scientist, is focused on delivering value and making the warranty and affinity landscape better for our carriers, brokers and TPAs.”
Lawrence Watts, CEO, Collinson Insurance said: “Novus has a strong track record for underwriting excellence and service innovation, precisely what Collinson Insurance prioritises. The partnership will be a valuable addition and supports our strong growth ambitions, and we look forward to working with their talented team delivering the long-term value we expect.”
Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East. It is a leading specialist MGA serving the needs of international (re)insurance brokers in specialty lines of business. It currently underwrites USD 1.1bn GWP in several Specialty lines including Warranty, Property, Power Generation, Marine, Aviation, Cedant led Fac, Agriculture, Construction & Engineering, A&H, Professional Indemnity, and D&O.
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