Markets/Coverages: MGA Aqueous Secures Capacity Deal With Allied World and Sompo

Aqueous Underwriting, the London-based MGA, has secured major new capacity in a three-year deal with A+ rated insurers Allied World and Sompo. The move to a syndicated capacity arrangement provides the MGA with the opportunity to significantly develop and enhance its product suite as it enters its next phase of growth.

Following a mutual agreement reflecting differing strategic objectives, Aqueous said it will transition from Allianz to the new capacity providers over the remainder of 2024 and continues to partner with Allianz on other product lines.

The syndicated binder agreement with Allied World and Sompo is active for all SME package new business submissions with immediate effect.

Aqueous specializes in the professional indemnity and SME package (food, hospitality, leisure, and hotel) sectors. The MGA said the new arrangement will enable it to build on its reputation for responding quickly to changing customer needs.

Aqueous is also launching an extension to its pubs, restaurants and bars product to address the significant increase in dine & dash losses. The new coverage extension will be available from January.

“Allied World is committed to the SME market in the UK and partnering with Aqueous is a natural fit,” commented Emma Lisi, senior vice president, head of UK Commercial Division, Allied World. “We look forward to leveraging our technical knowledge, and market relationships to deliver insurance solutions for brokers.”

“We are delighted to be partnering with the team at Aqueous, a move which fits in with our ongoing strategy to develop further our UK commercial footprint and support the needs of our growing SME customer base outside the London market,” according to Joe Brown, head of UK Middle Market & SME, Commercial P&C Insurance, Sompo.

“We are delighted to be working with Allied World and Sompo on a syndicated placement basis, enabling us to pursue our strategic objective of significantly enhancing our existing product suite and developing new products, whilst not being reliant on any single market,” said Tom Hill, head of E-Trade, Aqueous Underwriting. “Next year will be an exciting one for us all at Aqueous as we accelerate our growth in the SME market.”

Source: Aqueous Underwriting