The latest new product news from Victor;
Victor, a leading global managing general underwriter (MGU), recently announced the launch of its new flexible Victor Property Owners insurance product in the UK, which targets a broad range of property-owner risks, from single properties to larger property portfolios, a segment of the market often underserved by MGUs and insurers through the digital channel. Coverage maximums of up to £15 million per location are available and the policy is backed by a panel of A-rated insurers.
The new offering consolidates three existing products—Property Owners (standard), Non-standard Property and Large Property—into one policy and utilises advanced data enrichment which is designed to streamline risk assessment, premium rates, coverage parameters, and expand risk appetite for brokers and their clients. The policy features standard and non-standard coverage for a broad range of property portfolios, from small to large residential let properties, commercial properties, and mixed portfolios. Coverage is quoted and bound through Victor Insurance UK’s Victor for Brokers digital platform and the Acturis platform.
“Too often, property owners are faced with added complexity in the insurance buying process, frequently needing to obtain different policies at renewal based on the changing risk profiles and size of their portfolios,” said Caroline Weeks, Head of Underwriting, Property and Casualty, Victor Insurance UK. “Victor’s property offering gives greater flexibility, simplifying the purchase of property insurance and enabling brokers to obtain high quality, sustainable coverage for their clients even as their property portfolios evolve over time.”
Simon Parrish, Chief Underwriting Officer, Victor Insurance UK, added, “The new Victor Property Owners offering will deliver better value for our brokers and their clients, based on their feedback and current market conditions. In addition, it addresses a gap in how insurance is underwritten for property portfolio risks. Often, these are too large for typical digital quoting parameters but also too small to gain the attention they deserve through traditional underwriting teams. Our new offering will make it much easier for brokers to obtain coverage for their clients online.”
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