Insurer set to grow broker network in bid to grow £200m book
Royal & SunAlliance (R&SA) is to begin an aggressive drive to grow its property investors business, rolling out new products and adding specialist teams to its regional offices.
The insurer has added property investors’ trading teams to its offices in Bristol and Manchester. This follows the addition of teams in Croydon in January and Birmingham in May.
New teams in Glasgow and other locations are set to follow.
As part of the plan, the company will add “a couple of hundred” brokers to its network.
From next month nine product enhancements, including engineering and construction, will be piloted, to be rolled out in September.
Insurance Times first reported that the property investors market was to be a key area of development for the company in 2007 (News, 24 May).
“There is a recognition that property is seen as another asset class alongside equity and bonds,” said Nigel Salisbury, director, property investors.
R&SA’s property investors’ insurance book is currently valued at £200m. Salisbury said it had doubled in size year on year.
The insurer will initially target smaller investors, including UK-based investors with developing overseas portfolios.
“The future is the smaller investor.” said Salisbury. “We need critical mass to realise the potential for further development of the market.”
In the past year other insurers, including Allianz and Zurich have been piling into the £1bn property investor sector. The sector, though competitive, is seen as providing plenty of high-quality business, offering consistent returns to both underwriters and brokers.
R&SA’s property investors trading team includes experts in engineering, insurance and inspection, construction, energy performance management, professional and financial risks and motor. The team has 150 staff nationwide, with over 60 in London.
