AXA joins Paymentshield's panel in £20m deal

AXA has joined the panel of mortgage protection broker Paymentshield and is planning to write £20m in gross written premiums (GWP) over the next five years.

The insurer said the deal was in line with AXA’s intention to better diversify its intermediated personal lines book of business and secure a larger presence through the mortgage channel.

AXA head of household and lifestyle Carolyn Scott said: “Growing our share of the broker personal lines market in the UK is very much part of our long term strategy and this agreement with Paymentshield as an intermediary partner represents a significant step in securing balanced growth across channels.”

“Paymentshield have a significant share of the mortgage adviser market and we fully intend to develop this initial deal on household and look at how we can work together to offer further products and services to that customer base.”

Paymentshield insurer relations director Amanda Fox added: “This is a really exciting time for Paymentshield. AXA are a prominent brand that we are looking forward to working closely with. It is great to be able to add them to our home insurance panel.”