Specialist MGA Aqueous Underwriting has secured an uplift in capacity as part of its plans to grow its presence across the UK professional indemnity insurance marketplace in the months ahead.
The push enables Aqueous to offer cover for limits up to £10 million, on either a primary or excess layer basis, or a combination of both.
It also means that the MGA can offer its brokers a one-stop shop for clients through the provision of more comprehensive programmes, multiple coverage layers, and excess of loss capacity for risks where the MGA is not the primary provider.
The new capacity has been obtained through the addition of Great American International Insurance (UK) Limited to the MGA’s existing panel of providers and follows on from a period of rapid growth.
In fact, in 2021, Aqueous’ professional indemnity premium capacity almost doubled, increasing by 83% to £27.5 million.
Currently, Aqueous’ professional indemnity book is focused on Accountancy, Design & Construct, Architects & Engineers, Property Professionals, Media and Technology professions.
The MGA’s Chief Underwriting Officer (CUO), Mark Ford, said: “This is an exciting development for Aqueous at a time when the PI market overall is suffering from restricted capacity, with many providers pulling back from the sector. Extending our capabilities with the ability to write with a larger line-size, and an increased income threshold, has enabled us to offer our brokers an enhanced proposition for their clients.
“We now have five “A” Rated capacity backers, providing our brokers and their clients with a quality offering, which satisfies all of their purchasing requirements in a one-stop shop.”
Last month, Aqueous expanded its underwriting team with the addition of three new hires.
