20 March 2015 Insurance

Specialist MGA launches in London

A managing general agent (MGA) specialising in UK employer insurance has opened its doors for business in London.

Facilitated by Ambant Underwriting Services and underwritten by capacity partners in the London insurance market, Concordia will distribute its insurance products through brokers as well as directly to employers.

Concordia’s insurance has been specifically developed for UK employers to manage their risk and exposure resulting from workplace disputes. Its cover indemnifies employers against legal costs, as well as awards made against them. It also provides risk management tools, active case management support and workplace investigations.

Concordia said that unlike typical market offerings, its insurance covers claims made by current as well as past employees, contractors, temporary workers, trainees and failed employment applicants.

“Employers now have, for the first time and in one place, comprehensive cover and support where and when they need it,” said Philippe Gouraud, chief executive officer of Concordia. “We’ve identified a growing demand for a new kind of insurance and service to protect employers - that’s why we chose to launch Concordia now.

“Until now employers have been finding many insurance options limited or imposing too many complex conditions or draconian condition precedents. They want issues dealt with from day one rather than waiting for the matter to go to court. And they want to be rewarded for following prudent employment practices.

“And employers  want their insurer to stay onside, even if they make a procedural oversight in handling a difficult employment situation, such as dealing with a staff conduct or performance issue. We’ve listened carefully and built our product to match their precise requirements.

Neil Carnaffan, finance director, Ambant Underwriting Services, said: “Concordia is providing insurance that’s satisfying a real need – its innovative approach and market expertise will make a positive contribution to the UK workplace.

“Ambant Underwriting Services provided incubator space and consultancy for Concordia in its set up phase. And we helped to get it up and running quickly and easily so it could launch to deadline. We’re continuing to support Concordia with the kind of key regulatory and operational back-office services an MGA needs to grow successfully.”

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