Novus Underwriting, a New Lloyd’s Underwriting Agency for Speciality Risks

Direct Insurance Group Plc, the specialist Lloyd’s broker and wholesaler, is pleased to announce the launch of its new Underwriting agency, Novus Underwriting Ltd (‘Novus’).

Novus, will primarily write Extended Warranty and Affinity (re)insurance business on a worldwide basis, Underwritten by a panel of exclusive A-rated carriers. Novus will operate from its London Headquarters, in addition to offices in Liechtenstein and Miami and is able to initially write the following classes of business;

  • New and Used Car Extended Warranty
  • Guaranteed Asset Protection (GAP) insurance
  • Brown and White Goods Extended Warranty
  • Affinity Products and Schemes

David Bearman, CEO of Novus said: ‘At Novus Underwriting we have a very experienced team of people who are considered market leaders in their specialist classes of businesses and who have a proven track record of underwriting profitable accounts. With these appointments we are confident in both their and our continued success. We have already inked a number of significant deals that will see the GWP of Novus surpass €50m in the next 24 months and we are targeting €250m GWP within 5 years.

He continued to say ‘our diverse business has extensive experience of setting up and running specialist MGA’s and our group has experienced astonishing growth in the last 5 years. This new division represents the next chapter in that success story.’

To learn more about the services we are able to provide simply get in touch with the team today.

T: + 44 (0) 20 3961 9830

E: info@novusunderwriting.com

W: www.novusunderwriting.com

 

Schemes director exits Gallagher to join ambitious MGA

Former Gallagher hospitality and leisure schemes director Ollie Barrett has joined Imperium Insurance Management.

As well as schemes director Barrett, Imperium has also recruited Julian Beard, previously Higo Underwriting’s director of sports clubs and leisure specialism under the Clubsure brand.

The duo aim to boost Imperium’s growth in sports and leisure which has a popular quote and buy platform with brokers.

Imperium managing director Tony Lawrence said: “The recruitment of Ollie and Julian serves further to demonstrate our strategy of launching niche products that are deliverable via our state of the art e-platform, underpinned by the knowledge of known and respected specialist underwriters in their field.”

Imperium has launched more than 10 products in the UK and Ireland in the last 18 months. These include unoccupied property, farm combined, farm motor, terrorism and tradesman.

Imperium Insurance Management is the specialist MGA division of Direct Insurance Group, a Lloyd’s broker and wholesaler.

It has been a busy year for Imperium, having launched an online agricultural fleet product. Imperium has vowed to give brokers ‘unparalleled service’ on the product under its iFarm brand.

Imperium also recruited ex-Towergate and Rural agricultural specialist James Leathley as underwriting director for iFarm, who started his role at the beginning of the year.

Imperium is backed by capacity from XL, and in May 2015, Insurance Times reported its long-term GWP targets.

Direct Insurance Group has itself been producing a number of innovative new products for brokers, including an online terrorism solution.

To learn more about iSure’s Sports & Leisure Select insurance offer click here