PIB merges three businesses to open underwriting division

PIB Group has officially launched Q Underwriting Services Ltd (Q Underwriting) and it is now open for business.

The newly launched underwriting division of the consolidator is made up of the offices of aQmen Underwriting Services, TFP Schemes and Thistle Underwriting Services.

All three businesses will now have the same terms of business agreement (TOBA).

The proposition enables brokers to access over 30 niche commercial lines products across the three MGA brands. Previously, individual TOBA’s were required to trade with each MGA. 

Bernard Mageean, chief executive of Q Underwriting commented: “Quite simply, Q is an underwriting business written on a delegated authority basis from multiple A rated insurers. The proposition brings together our established and trusted teams of 120 experts who provide specialist products for niche sectors.

“Our 1700 brokers can now enjoy direct access to all our products through one common TOBA. The benefits for brokers will increase over time as new products are launched and if we acquire similar businesses in future.” 

Stuart Webb, operations director for Q Underwriting, commented: “This is both a legal and regulatory change which also improves our distribution. It gives PIB Group’s underwriting division its own identity as well as providing our brokers with easier access into our broad product offering.

”Preparation work has been underway for over six months and the reception from our brokers and insurers has been very positive.”

Mageean continued: “Our underwriting division has developed significantly in 2018 and we have been presenting ourselves more and more as a collective. The launch of Q Underwriting is the next step in our evolution and sets the tone for a successful 2019 and beyond. The response in the market so far with our latest news has been very positive and we are looking forward to scope and size of our opportunity ahead.”