First Underwriting launches real estate product range

The move is part of the specialist MGA’s five-year growth strategy and adds to its motor, home, surety, travel bonds and tour operator specialisms. 

In January this year, First Underwriting secured a five-year capacity deal to place £1bn of gross written premiums into the market. The deal, which is in partnership with Accredited Insurance and McGill & Partners, is set to provide capacity for First’s range of speciality products.

Managing director of First Underwriting, which is part of Kingfisher Holdings, Tom Donachie commented: “This [deal] has opened new opportunities for us to be innovative in the development of new products and given us the capability to guarantee long term capacity to our brokers. The new real estate product has been developed to meet the wider specialist requirements of niche broker partners, and to provide a broader risk selection to meet their customers’ diverse and bespoke insurance needs.”

Market-wide views

According to the MGA, First Underwriting conducted research before the launch to see how the new product range will fit the needs of its consumers.

Head of real estate, Graham Bailey, who will lead the team, said: “I am extremely proud to be launching our first real estate product to both existing and new broker partners. It is a proposition built following the canvassing of market-wide views and opinions to identify what our customers really wanted from a real estate policy; we have listened to this feedback and created a product designed specifically to meet these needs.”

Bailey explained that, in addition to the product range being competitively priced and including a breadth of coverage, it has also focused on the basics of underwriting service.

He added: “We have gone back to the fundamentals of service – experienced underwriters that are easily contactable, solution-based in their approach and who understand the importance of responding promptly and efficiently. This is further complimented by our claims handling capability, where we have partnered with leading, expert claims providers to ensure that our brokers and customers receive an excellent claims service. All the above combined make the First real estate product one that can be recommended with confidence.”

Expansion

Earlier this year, the MGA’s leaders told Insurance Age planned to increase its GWP by 30% over the next year and to expand into fresh product lines.

First Underwriting was launched in 2018, focusing on specialist motor, it then expanded across property, casualty and bonds.

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