Global specialty insurance group MS Amlin has become the first Lloyd’s of London syndicate operator to underwrite homeowners policies backed by the government’s flood reinsurance scheme, Flood Re.
MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high net worth homeowners business, leveraging the support that Flood Re will provide it through the reinsurance backing it provides.
All MS Amlin brokers and coverholder partners will be able to access the Flood Re supported scheme for new business from February and for renewal business from the 1st of March, the insurer said.
Martyn Dolan, Leading Class Underwriter of Household at MS Amlin, said; “We are delighted to be able to support the Flood Re scheme, providing homeowners with access to affordable cover for their properties in areas prone to flooding.
“MS Amlin’s entry into the scheme further demonstrates the strengthening of our mid to high-net-worth home insurance proposition and our commitment to provide brokers with high-quality products that meet the needs of clients.”
A Flood Re spokesperson added; “We’re delighted that MS Amlin has decided to join Flood Re, and we look forward to working with them to help customers in areas at risk of flooding to access more affordable flood insurance. We have been working closely with insurers and brokers since before launch and we’re very pleased that so many of the UK’s insurance providers, including MS Amlin, are offering policies backed by Flood Re.”
“People should speak to their current insurer to see if it has signed up to Flood Re and shop around to ensure they are able to get the best possible deal. We’ve seen how flooding can devastate homes and families and are proud that thousands of people have benefitted from the scheme since its launch in April 2016.”