RSA’s £75m OIM deal includes five-year household contracts

RSA’s £75m deal with Gallagher UK underwriting agency OIM, unveiled yesterday, comprises three parts.

The agreement comprises two new five-year household contracts and a commercial combined deal.Together the deals are expected to generate £75m of gross written premium a year for RSA.

RSA revealed the deal in its first quarter results yesterday.

RSA said the deal with OIM complements one of its core strategies: to build long-term relationships with key partners, with a focus on the home and commercial insurance markets.

RSA UK commercial managing director John Hancock said: “This is a substantial deal that cements our long-term partnership with OIM Underwriting, a company that we’re proud to do business with.”

He added: “Our experience, focus on service and flexibility, combined with OIM’s increasing size and scale is, we believe, a winning combination.”We have a great understanding of each other’s businesses and a mutual appetite to do what we say we’ll do, when we say we’ll do it, every time for the benefit of the end-customer. This deal marks an exciting next-step in our relationship and one that we are confident will be of benefit to customers.”

OIM managing director Sian Fisher said: “We are delighted to have the support of an insurer with the substance of RSA which is testament to the brand OIM has built by focusing on the quality of our underwriting and the quality of our people.

“This is a vote of confidence in OIM’s abilities and will allow us to deliver a longevity and consistency of service to our producer partners, which will strengthen their relationship with their client policyholders - who will in turn benefit from the wide capabilities of this strong underwriting partnership.”