Fortis Insurance and MMA Insurance have joined Imarket.
The new additions bring the total number of Imarket insurers to 12, comprising over 80% of the total UK commercial insurance capacity.
Paul Chaplain, underwriting director at Fortis, said: “We have always been committed as a company to electronic trading, so joining Imarket is a natural extension to the way we operate. With over 70% of brokers now signed up to Imarket, the trading opportunities for both brokers and insurers within an effective Imarket are obvious.”
For MMA, the move supports its continued push into the commercial lines sector. Commercial director Derek Plummer said: “We regard it as an important new route to market for commercial brokers and it needs to be a part of our future.
“We're confident that Imarket will support our overall commitment to give our intermediaries a much slicker, more convenient service for placing and processing business, particularly since the addition of full cycle functionality. We believe that intermediaries will increasingly embrace the facility.”
Both companies will initially be offering shops, tradesmen, property owners and offices and surgeries, but ultimately the full ranges will be available through online trading.
Peter Knowles, strategy and marketing director at Polaris, the company that operates the portal, added: “We are delighted to have two more heavyweights on board.”
