Hispania and PartnerRe Wholesale launch new offering in Spain
Underwriting agency Hispania Global Underwriting, part of Hispania Group, partnered with PartnerRe Wholesale, the specialist SME-focused division of PartnerRe, to target the Spanish market, with underwriting authority extended to Italy and Portugal.
The partnership will introduce a comprehensive Professional Indemnity (PI) solution for Hispania’s customers, with additional options for directors’ & officers’ (D&O) coverage.
In Spain, these products are offered through a carefully chosen network of retail brokers. The partnership itself will be managed through a binding authority agreement, which enables Hispania to underwrite policies on behalf of PartnerRe in the authorized regions.
At present, Spain and Italy are two of the biggest PI markets within Europe, with both markets in need of dedicated partners and regional expertise to strengthen service to the end insured, the company said. In Spain, for example, over 32 percent of trade associations have introduced compulsory PI schemes for member businesses.
Hispania Global Underwriting Limited is a provider of a wide range of alternative insurance solutions to the insurance intermediary, reinsurance or insurance companies themselves. The firm is one of the pioneer Subscription Agencies in Spain, and works across a range of technical and financial professions.
The announcement is part of PartnerRe’s continued expansion into the SME sector, as the company’s wholesale division has entered into a number of geographical markets. Since launching over two and a half years ago, PartnerRe Wholesale has grown its business and now has a substantial portfolio of specialist partners, managing general agents (MGAs), insurers or brokers, across a number of regions.
Jose Luis Ocon, chief executive of Hispania Global Underwriting, said: “There is a considerable opportunity in the Spanish PI market at present, and this is an area we are particularly keen to operate in. In addition, a number of professions across Portugal and Italy are in the process of introducing compulsory PI requirements, which again presents a chance for us to expand our offering into these territories.
“This new partnership with PartnerRe Wholesale will strengthen our broader product offering, provide us with additional expertise, and help us to better service our customers.”
Marc van der Veer, General Manager of PartnerRe Wholesale, added: “This is a fantastic partnership from our perspective, and we’re excited to be working with one of the most respected names in the Spanish underwriting markets.
“By providing our capacity and additional services, we can help Hispania, and in turn their customers, to fully access market-leading PI and D&O products. The Spanish market, as well as those in Italy and Portugal, are showing clear signs of promise for years to come, and we’re delighted to be able to play a role in Hispania’s success.”
