ProSight Specialty Underwriters Ltd. Announces New Distribution Deals Underscoring the Company’s Niche Specialty Appetite

LONDON--()--Following its investment in new underwriting talent in 2014 ProSight Specialty Underwriters Ltd. (‘ProSight’) is delighted to announce a number of new business distribution deals as their strategy on writing niche specialty commercial programmes yields business success.

“Our business is growing rapidly year-on-year and having ProSight on board gives us the flexibility to offer different packages to our customers and continue that growth.”

UK-based CORGI HomePlan, a provider of home maintenance cover, has chosen ProSight to underwrite its products. Operating throughout the UK, CORGI HomePlan is focused on the consumer sector providing maintenance and breakdown plans for gas boilers, central heating, plumbing and electrics. Mark Leslie, MD CORGI HomePlan said, “Our business is growing rapidly year-on-year and having ProSight on board gives us the flexibility to offer different packages to our customers and continue that growth.”

The Corgi success follows two other significant new business deals. Australis, Arthur J Gallagher’s Australian multi-line underwriting agency, based in Sydney and Melbourne has selected ProSight to back its bespoke casualty-based product targeted at clients throughout the country in the niche sectors of sport, leisure, events and hospitality. Speaking after the deal was signed, Chris Hardcastle, MD AJG said, “Our experience of ProSight has been excellent – understanding of risk, distribution and speed of service have all been very much evident, which is essential in today’s market. Based on service and trading style to date, our team and our clients are keen to develop this relationship further.”

Additionally, ProSight has agreed a new liability and contractors scheme for small to medium sized UK builders and domestic installers through Oliva Underwriting & Risk Management. Commenting on the new arrangement, Cliff Browne, Director at Oliva said, “It’s refreshing in this hectic world to find a company prepared to afford the time to listen to our proposal and more importantly to work with us to find a solution. Added to which the willingness to act so swiftly and so expertly in providing that solution means Oliva is truly indebted to ProSight. We look forward to a long and successful relationship enabling Oliva to attain its goals.”

Bernard Mageean, Managing Director, ProSight Specialty Underwriters added, “Time and again, in each of these deals, I have seen our ability to work collaboratively with our distributors to develop the best solution, whilst the combination of our expertise, speed of execution and geographical reach has greatly impressed our partners.”

About ProSight Specialty Underwriters Ltd.

ProSight Specialty Underwriters Ltd. is the international arm of ProSight Specialty Insurance. ProSight owns the capacity of Lloyd’s underwriting syndicate 1110, which carries the strong financial security ratings of Lloyd’s: A+ (Standard and Poor’s), AA- (Fitch) and A (A.M. Best).

In 2014, Syndicate 1110 has an underwriting capacity of £180 million (2013: £110 million), with capital provided by affiliates of TPG Capital and Goldman Sachs Capital Partners, two of the world’s leading private equity groups.

Contacts

ProSight Specialty Insurance
Katelyn Leondi, +1(973) 532-1773
kleondi@prosightspecialty.com