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.”

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