Biba 2012: Aqua gears up for motor HNW launch

RK Harrison-backed MGA Aqua Underwriting is gearing up for the imminent launch of sister company Aurum, which will write high net worth motor business.

Aurum will be run by Ashley Cole, formerly head of motor at Lloyd’s insurer Hiscox. Cole left Hiscox in November last year. Before joining Hiscox he was product and underwriting manager at Chubb Europe.

Aqua managing director Jonathan Rouse said the private client part of his company’s business is its biggest growth area.

“Part of our aim on the private client side is to build out that product suite so we are able to provide service and products across the full range, so motor is a natural point within that,” Rouse told Insurance Times.

He added that Cole “is a well-known figure in the broking world for having high net worth motor expertise. He has done that for 15 years.”

Aqua announced its commercial market debut yesterday, launching a suite of products providing cover for the engineering, plastic manufacturing and print industries, as well as cover for unoccupied property.

The company has added Allianz and QBE to its panel of capacity providers for the new commercial products, spreading its net beyond the Lloyd’s market for the first time.

The capacity providers for Aqua’s existing private client business are Ascot and Canopius.

Rouse acknowledged that the commercial market is highly competitive, but added: “We have been quite careful about only launching in specific areas. We are not trying to compete on the mass market micro-SME online type of platform. We are not trying to write the more plain-vanilla business that is fought over tooth and nail by the big composites.”