MGA secures new three-year capacity deal as Allianz switch made

MGA Aqueous Underwriting has announced a new three-year capacity deal with A+ rated insurers Allied World and Sompo.

The syndicated binder agreement is active for all small and medium-sized enterprise (SME) package new business submissions with immediate effect.

The MGA had partnered with Allianz over such propositions, but decided to transition to new capacity providers following a mutual agreement reflecting differing strategic objectives.

However, Aqueous will still partner with the insurer on other product lines.

Tom Hill, head of eTrade at Aqueous, said: “We are delighted to be working with Allied World and Sompo on a syndicated placement basis, enabling us to pursue our strategic objective of significantly enhancing our existing product suite and developing new products, whilst not being reliant on any single market.

“Next year will be an exciting one for us all at Aqueous as we accelerate our growth in the SME market.”

Product extension 

Aqueous’ SME package caters to those firms working in the food, hospitality, leisure and hotel sectors.

As part of plans to enhance its offering through the new capacity deal, the firm is set to launch an extension to its pubs, restaurants and bars product to address dine and dash losses.

The new coverage extension is expected to be available from January 2025.

Emma Lisi, senior vice president and head of UK commercial at Allied World, said: “Allied World is committed to the SME market in the UK and partnering with Aqueous is a natural fit.

“We look forward to leveraging our technical knowledge and market relationships to deliver insurance solutions for brokers.”

Joe Brown, head of UK middle-market, SME and commercial P&C insurance at Sompo UK, added: “We are delighted to be partnering with the team at Aqueous, a move which fits in with our ongoing strategy to develop further our UK commercial footprint and support the needs of our growing SME customer base outside the London market.”