Malta’s Building Block enters Spanish market with gadget insurance
Malta-based Building Block Insurance (BBI) is expanding its footprint into Europe after signing an agreement with Spanish broker Slora to sell gadget insurance.
Slora is part of the Mesos Group (Mesos Gestion y Servicios), a service and repair company for white goods, consumer electronics and gadgets in Spain. Slora will offer BBI’s gadget insurance through its 30 corporate partners, including insurers and utilities, for which it carries out repairs, as well as direct to consumer and through other brokers.
BBI also operates a niche and specialist insurance business in the UK.
Paul Brierley, CEO of BBI, said that the agreement between BBI and Slora underlined the growth opportunities for British insurance product manufacturing expertise in the EU.
“Although our products are designed and manufactured for distribution in the UK, our Malta location means we can also offer them for distribution throughout the whole of the European Economic Area, which is likely to give us a significant advantage in a post-Brexit market,” Brierley said.
Joao Figueiredo, BBI’s head of business for Spain and Portugal noted that Spain has the largest market penetration for smart-phones of any EU country, with ownership at 87 percent of the population, or 50 million people.
He said: “There is strong demand in Spain for simple, good value insurance products covering accidental damage and breakdown of the devices for pre-defined reasons and up to a pre-determined limit.”
Today’s top stories
Chubb replaces head of North America commercial unit
Head of China’s insurance regulator under investigations
Gibraltar may attract insurers in the wake of Brexit, says minister of commerce
Everest Insurance hires AIG exec for a new practice in US
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk