Major insurers back £1bn GWP start up

The British Private Equity and Venture Capital Association (BVCA) has launched BVCA Insurance Services to help its members and their investee companies to buy insurance

Authorised and regulated by the Financial Services Authority as an adviser and arranger of insurance, BVCA Insurance Services (BVCA IS) says it will bring “increased insurance purchasing effectiveness, introduce bespoke products and act as an independent information source” to BVCA members and its 6000 investee companies who have a combined insurance spend estimated to be in excess of £1bn per annum.

Chairman of the BVCA, Hugh Lenon, said: "The launch of BVCA Insurance Services represents a significant development and is illustrative of our commitment to provide new and valuable services to our members whenever we can."

BVCA IS is headed by chief executive Nathan Sewell who has over 20 years insurance experience, having worked for a number of major brokers and insurers in a variety of roles.

BVCA IS has agreed partnerships with a number of insurers who are willing to offer preferential premiums and other benefits to BVCA Members and investee companies.

Sewell said: "We are delighted to announce the partnerships with Chartis, QBE and Dual Corporate Risks. These high quality insurers have demonstrated their commitment to servicing our members and investee companies in offering both highly competitive premiums and first class service."

Dawn Miller, Vice President - Financial Institutions at Chartis said: “We're delighted to be partnering the BVCA on this initiative. We're convinced that our industry-leading product range which includes leadership positions in Financial Lines, Property, Liabilities and our strong position in other speciality product areas, such as Trade Credit and Environmental, will greatly benefit BVCA members.”

Ash Bathia, managing director at QBE, said: "QBE are delighted to be a launch Insurer Partner with BVCA Insurance Services. QBE's underwriting-driven model, together with a strategy of diversification by product and geographical exposure fits well with the investee companies of the BVCA's Members."

Russell Kilpatrick, executive chairman at Dual, added: "Dual Corporate Risks continues to set the benchmark for professionalism, service and innovation. We look forward to working with BVCA Insurance Services to deliver the highest levels of service to investee companies of the BVCA Members."

One of the first specific initiatives will be the launch of an industry-wide directors' and officers' liability Insurance facility for investee companies that can be delivered through existing broker channels.

Other insurance classes such as key man and trade credit have also been identified by BVCA IS as areas of interest.

BVCA has also appointed David Young as non-executive chairman of BVCA IS. He is currently non-executive chairman of annuity direct, and senior independent director of British Gas Insurance and British Gas Services and of Partnership Assurance, which is backed by the private equity group Cinven. Earlier in his career he was chief executive of listed insurance broking group, Bradstock.