UK General signs three-year capacity deal with Great Lakes

UK General signs three year capacity deal with Great Lakes

• Agreement applies to personal lines business across all eight product categories
• Great Lakes Reinsurance (UK) SE (a wholly owned subsidiary of the group Munich Re) replaces Ageas after five years
• Supports UK General’s ‘£500m’ objective

UK General, the specialist insurer, has signed a three year capacity agreement with Great Lakes Reinsurance (UK) SE (a wholly owned subsidiary of the group Munich Re). The agreement, which comes into effect from the beginning of April this year, will see Great Lakes replacing Ageas as UK General’s major capacity provider.

Karen Beales, MD Personal lines, said We are delighted to announce that Great Lakes will provide capacity across all eight of our product categories until 2019, and look forward to working with them to deliver further growth and success for UK General.”

She said: “UK General has long operated a hybrid model, which combines underwriting and actuarial discipline with the advantages of being an MGA, such as a lower cost base relative to traditional insurers, a high degree of niche and specialist sector knowledge and agile distribution.”

“With Great Lakes, we are taking the next obvious step by linking our personal lines book to underwriting profitability, building on UK General’s underwriting and actuarial capabilities developed in partnership with Ageas during the last five years.” 

She added: “This deal will be critical in achieving our aim to grow to £500m GWP and beyond during the next phase, by expanding our underwriting footprint and enabling UK General to deliver further profitable growth with potential new as well as our existing products.”  

Karen paid tribute to Ageas, saying: “Our capacity relationship with Ageas has been a key factor in UK General’s success story during the last five years, and I want to thank the team at Ageas for their support for our business during that period.”