PBS Holdings (PBSH) is to move into the motor fleet market.
The product will initially be made available to Primary Broker Services' partner brokers before being rolled out to other PBSH companies, ATD General and Rural Insurance Group.
Simon Taylor, PBSH marketing director said: “We are now addressing another significant area of insurance expenditure, motor fleet, which we believe gives us a good opportunity for expansion and where we believe we can maintain the quality of service our brokers have come to expect from us.”
PBSH said the product launch was the “result of continuing efforts to meet the needs of their broker partners and research which indicates that rapid distribution shifts have generally left a vacuum in motor fleet provision”.
The company said each case would be individually underwritten and brokers will be given the direct access to specialist Fleet underwriters and decision-makers.
PBSH said the policy would cover a minimum of 5 vehicles, with a typical an upper limit of 75-100 vehicles. “However, provided adequate risk management measures are in place, PBS will consider larger risks on a case by case basis,” it added.
Rating will be on a flat rate per vehicle or ‘fleet discount' basis, depending upon the size and claims history of the fleet.
Andy Jones, UK Sales Manager at PBS said: “We are in the motor fleet business for the long term. As with other classes of business, we have set no target trades. Rather, we will review risks on their merits and accept those that are well managed. We see motor fleet as an excellent opportunity to strengthen and grow our existing broker relationships by addressing a larger proportion of their needs.
“Our focus will be on targeting those fleet risks where we already hold or are quoting for the commercial combined business. However, equally we will be in a position to write motor fleet in isolation.“
