What's Happening?
Rokstone-owned affinity MGA Novus Underwriting has announced a partnership with Collinson Insurance to enhance its annually renewable warranty products. This collaboration involves over 500,000 policies and aims to strengthen Novus's position in the UK market. The partnership is expected to complement existing relationships with other providers, enhancing Novus's capabilities in the warranty and affinity space. John McGonigle, chief underwriting officer at Rokstone Consumer, expressed enthusiasm about the partnership, highlighting Collinson Insurance's rigorous due diligence processes as a testament to Novus's expertise. Novus currently writes over £230 million in gross written premium annually across various sectors, including mobile device protection and extended vehicle warranty.
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Why It's Important?
The partnership between Novus Underwriting and Collinson Insurance is significant as it supports Novus's ambitious growth plans, targeting £550 million in gross written premium annually within the next five years. This expansion is not only focused on the UK but also aims to extend into the US, Australia, and India. The collaboration is expected to enhance Novus's underwriting excellence and service innovation, which are key priorities for Collinson Insurance. This move could potentially lead to increased competition in the warranty and affinity market, benefiting consumers with more comprehensive and innovative insurance products.
What's Next?
Novus Underwriting plans to leverage this partnership to achieve its growth targets and expand its market presence internationally. The collaboration with Collinson Insurance is expected to facilitate Novus's entry into new markets, including the US, Australia, and India. As Novus continues to focus on underwriting excellence and service innovation, it may attract more partnerships and opportunities for expansion. Stakeholders in the insurance industry will likely monitor the progress of this partnership and its impact on the market dynamics.
Beyond the Headlines
The partnership between Novus Underwriting and Collinson Insurance highlights the importance of strategic collaborations in the insurance industry. By combining expertise and resources, both companies aim to deliver long-term value and innovative solutions to their clients. This development may encourage other insurance providers to seek similar partnerships to enhance their offerings and compete effectively in the market.
