Insurtech secures capacity from Aviva-backed MGA to expand vacation rental cover

Norwich-based vacation and short-term rental specialist insurtech Pikl has secured a new capacity partnership with MGA Prestige Underwriting and insurer Aviva in order to provide broader cover for non-standard property risks.

As part of this new agreement, Pikl has expanded its vacation and short-term rental coverage.

Changes include increasing public liability cover from £2m to £5m – ensuring that new public liability recommendations for vacation rentals in Scotland are met – and reducing excesses from £250 to £100, to encourage genuine claims for smaller amounts.

The capacity partnership aims to help Pikl achieve a greater volume of business and insure a wider selection of non-standard risks in its niche marketplace, which includes insuring Airbnb hosts, for example.

Speaking on the deal, Louise Birritteri, founder and chief executive of Pikl, said: “We’re delighted to be able to announce such a strategically important partnership with two of the UK market’s heavy hitters in the property insurance markets. It really is a win-win-win situation for the three partners.

“The increased capacity offered by Aviva’s backing will enable us to extend our overall reach into the growing short stay and vacation rentals market and help us expand our underwriting footprint in the non-standard areas where Prestige specialises. Customers will benefit from knowing that the products they buy are backed by A-rated capacity from a well known brand.

“With a long-standing partnership already in place with Prestige Underwriting, it made absolute sense that we utilise this existing relationship together with Aviva to grow our capacity and leverage the considerable skill sets within our combined organisations.

“This partnership secures a very bright future for our organisation where we can continue our growth, providing customers with the cover they actually need at a fair price.”

Partnership reach

Pikl, which was established in 2019, specialises in providing insurance for individual homeowners and property managers who are letting their properties as vacation homes, or on a short-term basis.

Its coverage typically includes property damage, such as theft, malicious damage and fire caused by guests, and public liability. Pikl’s policies are designed to work in conjunction with the policyholder’s existing home insurance, to cover the property when it is occupied by paying guests.

Alison Williams, managing director of Prestige Underwriting, said: “I’m pleased that we are continuing to work [with] and expand our relationship with Pikl.

“The experience gained from our existing partnership has been valuable and we will take many of the learnings from that [to develop] our exposure to this market segment, broadening our market reach and ability to help customers with more of their requirements.

“At Prestige Underwriting, we are committed to continually evolving and this extension of our partnership complements our non-standard home offering.”

Jonathan Santer, managing director of Aviva Broker’s personal lines business, added: “We are delighted to be supporting Prestige in this new partnership with Pikl.

“The combination of both organisations working together brings a new perspective, supporting customers who otherwise may not have their insurance needs met.”