Lloyd’s insurer secures deal to underwrite mortgage payment protection insurance.
Cassidy Davis, the specialist personal lines Lloyd’s insurer, has secured a deal to underwrite a scheme portfolio of mortgage payment protection insurance (MPPI) for Millennium Insurance Brokers.
Cassidy Davis is underwriting a range of MPPI business for Millennium’s customers, which include mortgage brokers and affinity and financial partners under new Platinum, Gold, Silver & Bronze Accident Sickness and Unemployment (ASU) schemes.
Customers are able to pay by monthly or single multi-year premiums to protect their mortgage and other household bills against a combination of accident, sickness or unemployment. Aa range of disability waiting periods, from 30 days on a back to day one basis, through to a 90-day excess are also available, with unemployment cover being offered on a back to day one basis - which means the benefit will be backdated to the first day of the claim.
All business will be transacted on Millennium’s online “trading centre” which allows brokers to quote, submit business online and also to track their pipeline business. The Millennium online system has been designed to be complaint with of the Insurance Conduct of Business requirements and produces a “Demands and Needs” statement for every applicant so advisers know they can sell MPPI with confidence
The Cassidy Davis policy automatically provides a free “back to work” consultancy service to help customers who become unemployed, plus a legal employment protection package and 24 hour helplines.
Tony Darwall, business development manager of Cassidy Davis, said: “We are delighted to be working with such a forward thinking organisation. Millennium shares our vision of providing competitively priced and responsive payment protection products that meet the requirements of very specific customer needs.”
Stephen Clowes, managing director of Millennium, said: “We sought a creditor underwriter with the experience and capability to deliver products that meet the very real challenges faced by those with any financial debt.
“Cassidy Davis were able to underwrite the choice of MPPI products we wanted to offer, which can be tailored to the needs of each customer or financial partner, and jointly we are able to offer our existing customers continuous protection, with added value covers to ensure all customers are treated fairly.”
Millennium’s portfolio will be transferred to Cassidy Davis over the next 12 months.
