Aqua chosen as new Biba HNW scheme provider

Biba has appointed recently launched broker-only high net worth underwriter Aqua as the new provider of its high net worth (HNW) scheme from 1 February 2012.

Aqua won the contract for the Biba scheme following a full tender and review process carried out by Biba’s general insurance brokers’ committee. 

It beat off competition from a number of insurers, including the schemes previous provider Sterling.

Aqua launched in January and underwrites on behalf of Lloyd’s underwriters Ascot and Canopius.

Eric Galbraith, chief executive of Biba said: “HNW cover is a vitally important part of many brokers’ portfolios and it was therefore essential that Biba secured the best scheme provider for its members. 

“Aqua may be the new underwriter on the block, but its seasoned team and broker focused approach have already proven to be a winning formula in this specialised and competitive sector.  We are looking forward to a long and beneficial partnership.”

Aqua has created three products aqua: one, aqua: two and aqua: three.

Aqua managing director Jonathan Rouse said: “We wanted to bring something new to Biba’s team, who clearly recognised that Aqua approaches the provision of cover for affluent policyholders from a broker rather than insurer perspective.

“The Aqua products allow the broker and client to choose the level of cover required; our role is to provide quality protection and service, not to dictate what policyholders need. With Biba and brokers’ support we intend to quickly establish Aqua as a key long-term player in the broker-only HNW market.”