MGA Aqueous mulls expansion in UK professional indemnity market in 2022
Specialist managing general agent (MGA) and Lloyd's coverholder Aqueous Underwriting secured increased capacity as part of its plan to expand its presence across the UK professional indemnity (PI) insurance market in 2022.
The new excess layer capacity has been secured through the addition of Great American International Insurance (UK) to Aqueous’ existing panel of providers and follows on from a year of “rapid growth”.
In 2021 Aqueous’ PI premium capacity almost doubled, rising by 83% from £15 million to £27.5 million.
The uplift in capacity enables Aqueous to offer cover for limits up to £10 million, on either a primary or excess layer basis, or a combination of both. It allows the MGA to offer its brokers more comprehensive programmes, multiple coverage layers, and excess of loss capacity for risks where Aqueous is not the primary provider.
Aqueous’ PI book is currently focused on accountancy, design & construct, architects & engineers, property professionals [estate agents, quantity surveyors, etc.], media and technology professions.
Mark Ford (pictured), chief underwriting officer at Aqueous, said: “This is an exciting development for Aqueous at a time when the PI market overall is suffering from restricted capacity, with many providers pulling back from the sector. Extending our capabilities with the ability to write with a larger line-size, and an increased income threshold, has enabled us to offer our brokers an enhanced proposition for their clients.
“We now have five “A” Rated capacity backers, providing our brokers and their clients with a quality offering, which satisfies all of their purchasing requirements in a one-stop shop.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
