QBE enters UK SME surety partnership

Insurer QBE has entered a new partnership with Evo Surety, to provide services to the UK SME contractor bond market for the first time.

Previously, QBE’s UK surety offering focused around its medium and larger building contractor customers. Now, it has looked to widen this offering due to growing opportunities in the SME sector.

Under the terms of the new partnership, Evo Surety will be able to issue guarantees up to £750,000 on behalf of QBE.

Together, the businesses will be able to provide capacity to the SME marketplace.

Tom Johnson, QBE’s UK surety manager, said: “Over the past couple of years, QBE UK has explored a number of ways to enter the SME contractor bond market, but wanted to do this in a way that provided the best possible customer service.

“This partnership is an exciting opportunity that will allow QBE to provide a surety solution to a range of customers that we have previously been unable to service directly.”

’Great match’

Will Bidwell, Evo Surety’s managing director, added: “I am very proud that QBE has chosen Evo Surety as its partner in the SME surety sector and look forward to working with brokers and clients who want A+ rated security coupled with quick, efficient service.”

Johnson continued: “Evo Surety is a well established and highly experienced underwriter in the SME UK contractor bond market and we believe [its] service levels are a great match [for] the high standards we expect for our customers.

“In turn, Evo Surety will be able to leverage QBE’s construction expertise and technological platforms to help make real-time underwriting decisions for their customers.”