Rokstone-Owned MGA Partners with Collinson Group to Enhance Warranty Offerings

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 seen as a significant endorsement of Novus's expertise, as Collinson Insurance is known for its stringent due diligence processes. Novus currently writes over £230 million in gross written premium annually across various sectors, including mobile device protection and extended vehicle warranty. The company has ambitious plans to increase its gross written premium to £550 million per annum within the next five years, with expansion targets set for the US, Australia, and India.

Why It's Important?

The partnership between Novus Underwriting and Collinson Insurance is crucial for both companies as it supports their growth ambitions and enhances their market presence. For Novus, this collaboration is a strategic move to leverage Collinson's reputation for underwriting excellence and service innovation. The expansion plans into international markets such as the US, Australia, and India indicate a significant growth trajectory, potentially increasing competition in the global insurance industry. This development could lead to more innovative insurance products and services, benefiting consumers with better coverage options and competitive pricing.

What's Next?

Novus Underwriting is set to pursue its expansion plans aggressively, targeting new markets in the US, Australia, and India. This move will likely involve strategic partnerships and investments to establish a foothold in these regions. As the company aims to increase its gross written premium significantly, stakeholders can expect further announcements regarding new product offerings and collaborations. The insurance industry will be watching closely to see how Novus navigates these expansions and whether it can maintain its reputation for underwriting excellence in new markets.