Acromas awards lucrative managing agent contract to Arc Legal
Gibraltar-registered Acromas Insurance Company (AICL) has appointed Arc Legal Assistance to provide a managing agent service for the personal legal expenses policies it underwrites for brands including Saga.
The deal will see Arc Legal effectively double income growth from its managing agent services.
The managing agent service is a growing part of Arc Legal’s business; it enables insurers who want to underwrite their own legal expenses insurance (LEI) access to expertise and support in areas such as product development and claims management.
The flexibility, speed of response and proven delivery of the managing agent service were factors in Arc Legal’s selection as AICL’s new partner.
AICL is in partnership with solicitors Lyons Davidson, which is providing legal servicing under the arrangement.
Richard Finan, director of Arc Legal, said: “The growth of our managing agent business demonstrates insurers' continued requirement for specialist organisations like ourselves to manage their policyholders' LEI claims, particularly where they are participating in the underwriting risk themselves.
“AICL benefits from our independent position within the process, and the flexibility of our business model that enables the insurer to ‘plug in’ their own preferred legal services partner or ABS.”
Steve Hazzard, technical director of AICL, added: “Arc Legal is recognised for its ability to develop legal expenses products and services and the flexibility of its offering. Their input into product development in anticipation of changes to the litigation funding regime is also highly valued.”
