News
Equity backs new commercial lines underwriting operation
14 Aug 2006
A new commercial lines underwriting operation is to be launched and led by Charles Earle, the former Managing Director of NIG Commercial Lines, subject to the usual regulatory approval process.
He and four colleagues have been developing the concept for a number of months and have secured the support of Lloyd’s Underwriter Canopius and Equity Insurance Group both as investors and as long term insurers of the core SME property, liability and motor classes of business.
The new company, the name of which will be announced in the near future, will focus on broker administered SME business in the UK and intends to arrange agencies with a limited panel of independent brokers in 2006 and 2007. In the medium to long term the new venture will have the capacity to write in excess of £250 million worth of business.
A number of senior managers and staff have recently agreed to join the venture and are currently serving out their notice with current employers.
Chief Executive Charles Earle said:
“We have huge advantages in starting with an unencumbered business and no legacies, in systems or in management control attitudes, and offer brokers a genuine chance to work with an insurance provider that will design its processes around theirs in an effort to reduce their frictional costs. For those brokers who work with us we will deliver an improved bottom line and a responsive market staffed by people with experience, technical knowledge and a willingness to see the broker as a customer.
In terms of our people, we are looking for individuals who want to work in an exciting new venture where the focus is on trading through service, where systems are designed to handle the routine and repetitive tasks and where people are recognised and valued for their contribution.
I am immensely grateful to all those individuals and organisations who have helped and supported our efforts over the past months, and in particular the teams from Canopius and Equity without whom we would not have got to this point."
Michael Watson, Chairman and Chief Executive of Canopius, said:
“Canopius is delighted to join forces with Equity to support Charles Earle and his excellent team in this exciting new venture. Canopius and Equity will contribute financial, underwriting, and general management support that will facilitate the company’s development as a leading provider of insurance to the UK SME sector.”
Neil Utley, Chief Executive of Equity Insurance Group, said:
"Charles Earle has assembled an outstanding team, with a first rate track record. We are proud to be an investor in the new venture and look forward to working closely with them as they capture significant volumes of business in this important market sector."
