Aqueous Underwriting has secured increased capacity under plans to expand its foothold across the UK professional indemnity insurance market in 2022. The specialist managing general agent can now offer cover for limits up to £10 million (US$13.4 million), on either a primary or excess layer basis, or a combination of both.
The increase in capacity enables Aqueous to offer its brokers a one-stop shop for their clients through the provision of more comprehensive programs, multiple coverage layers, and excess of loss capacity for risks where Aqueous is not the primary provider.
The new excess layer capacity has been secured through the addition of Great American International Insurance (UK) Ltd. 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 (US$20.1 million) to £27.5 million (US$37 million), where it currently sits.
Aqueous’ PI book is currently focused on accountancy, design & construct, architects & engineers, property professionals (estate agents, quantity surveyors, etc.), media and technology professions.
“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,” commented Mark Ford, chief underwriting officer.
“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,” he added.
About Aqueous Underwriting and Great American
London-based Aqueous Underwriting provides professional indemnity cover to a wide range of professionals and SME package insurance to the food, hospitality, leisure, and hotel industries. Aqueous Underwriting is a trading name of Aqueous Management Ltd., an appointed representative of Davies MGA Services Ltd., a company authorized and regulated by the UK Financial Conduct Authority.
Based in Bristol, England, Great American International Insurance (UK) Ltd. is a member of Great American Insurance Group whose roots go back to 1872 with the founding of its flagship company Great American Insurance Co. Part of Great American’s European Division, Great American International Insurance (UK) is “A+” rated by Standard & Poor’s.
Source: Aqueous Underwriting
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