Ascot buys motor book from Lloyd's rival Jubilee

Ascot Underwriting has bought the renewal rights for Jubilee Managing Agency’s commercial motor account.

The agreement sees all renewals due from 11th December 2010 onwards being invited by Direct Commercial, which will write the business on behalf of Ascot.

Jubilee will continue to handle the administration and claims on policies incepted prior to the transfer date.

Ascot chief executive Andrew Brooks, said: “We are excited about this promising book of business.

"Following our successful entry into the UK commercial motor market earlier this year, we are confident that Ascot’s entrepreneurial systems and bespoke approach will drive profitability while providing top-notch service to the policyholders and brokers.”

Andreas Loucaides, chief executive of Jubilee, said: “Our commercial motor book was able to generate profits for many years however in the current trading conditions our business model cannot sustain this level of performance.

"I am pleased we have been able to find a home for our policyholder’s and brokers that will provide them with continuity and service support they have come to expect from Jubilee.”