Inperio signs new multi-year deal with specialist underwriter

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The partnership will see capacity offered to solicitors and independent financial advisors

MGA Inperio has signed a new multi-year deal with European programme underwriter Accredited Insurance (Europe) Limited (AIEL).

Underwritten by Accredited, the deal increases the availability of professional indemnity in the market by bringing capacity to solicitors and independent financial advisors (IFAs).

It will allow specialist UK Professional Indemnity MGA Inperio to grow its solicitor professional indemnity portfolio but also to launch a new product in this area for IFAs in the UK.

The MGA also has ambitions to have a 5-10% market share in this area over the next three years.

Inperio chief executive Simon Lovat told Insurance Times: ”In a market where the regulation is only getting harder, where the premiums continue to go north and where the capacity is even more limited [compared] to that of a solicitor, it ticks all of our boxes in terms of an area that we know, an area that we understand, an area where we think we can price the right risks at the right price to get the right outcome.

“As an MGA who specialises in the provision of professional indemnity insurance, we are thrilled to continue to grow our relationship with Accredited both solidifying our Solicitors portfolio for a further three years as well as bringing new IFA products to the UK market.”

Lovat hopes to expand the MGA’s portfolio of products with Accredited in complex underwriting over the coming months.

It follows the MGA recently hiring Tim Little, who was previously at Generali and has a great deal of experience with IFAs, and the International Underwriting Association firing off an open letter calling for the right to cancel professional indemnity cover for solicitors.

Partnership

Meanwhile, Colin Johnson, chief executive, AIEL’s program division, added: “We are really excited to continue to support Inperio, and offering this much needed product to independent financial advisors. The signing of this three year partnership continues to reflect the strength of our partnership which combines Inperio’s expert underwriting and knowledge of the market with Accredited’s strong balance sheet, high quality capacity and a culture of acting swiftly to meet customers’ ever-changing requirements and market dynamics.”

Inperio has already worked with Accredited for two years, and this new partnership will expand this for a further three years.

Lovat continued: “We have been analysing the IFA market for some time and are conscious that independent financial advisors have both a lack of choice of insurers and are often faced with products not suitable for their needs; something we look forward to changing .’’