Collinson Insurance joins forces with Novus Underwriting in a partnership deal
Novus Underwriting, a leading global wholesale MGA specialising in warranty and affinity products, is planning for significant growth and expansion over the next five years[1][2][3]. The company aims to increase its gross written premium (GWP) from its current £230 million to an impressive £550 million, with a focus on entering new markets such as the US, Australia, and India[2][3].
To achieve these ambitious targets, Novus has secured several strategic partnerships and capacity agreements. One of its most significant deals is an exclusive binding authority agreement with Collinson Insurance, covering over 500,000 annually renewable warranty policies[2][3][5]. This partnership not only enhances capacity deployment globally but also strengthens Novus's presence in both the UK and international markets.
Operating in 26 countries, Novus boasts a diverse product portfolio that spans mobile device protection, GAP cover, appliance and furniture warranties, and financial protection products[2][3]. This broad range enables the company to effectively address multiple warranty and affinity segments.
The expansion aligns with the broader growth strategy of its parent group, Rokstone, which includes entering the US excess and surplus lines market through Rokstone Commercial Risks[2][3]. Additionally, Rokstone has strengthened its underwriting capacity with additional agreements such as a recent binder with Lloyd’s Somers Syndicates for facultative property, power, and energy risks. These initiatives support an expanding global portfolio now exceeding $300 million in GWP in these segments[2][3].
The Aventum Group, which includes Rokstone, is an international specialty (re)insurance MGA, striving to become one of the biggest and the best global (re)insurance specialty wholesale businesses[4]. Aventum Group writes over £230 million gross premium per annum across various products.
In addition to its partnership with Collinson Insurance, Novus has also teamed up with Companjon Services DAC to bring end-to-end embedded insurance for flight delays[6]. This collaboration further demonstrates Novus's commitment to innovation and growth in the warranty and affinity market.
Lawrence Watts, CEO of Collinson Insurance, and John McGonigle, Chief Underwriting Officer at Rokstone Consumer, have both commented on the partnership[1]. As Novus embarks on its journey towards becoming a 'Super App' for the growing conscious consumer segment, it is clear that strategic partnerships, capacity agreements, product diversity, and geographic expansion will be key to its success[1][2][3].
Sources: [1] https://www.insurancetimes.co.uk/news/industry/novus-underwriting-teams-up-with-companjon-services-dac-for-endtoend-embedded-insurance-for-flight-delays/2022/01/26/61f6f40649f408557f723a36 [2] https://www.insurancetimes.co.uk/news/market/novus-underwriting-aims-for-550-million-gwp-in-five-years-4870839 [3] https://www.insurancetimes.co.uk/news/market/novus-underwriting-partners-with-collinson-insurance-for-warranty-products-4870839 [4] https://www.aventumgroup.com/ [5] https://www.insurancetimes.co.uk/news/market/novus-underwriting-partners-with-collinson-insurance-for-warranty-products-4870839 [6] https://www.insurancetimes.co.uk/news/industry/novus-underwriting-teams-up-with-companjon-services-dac-for-endtoend-embedded-insurance-for-flight-delays/2022/01/26/61f6f40649f408557f723a36
Read also:
- Foreign financial aid for German citizens residing abroad persists
- "Germany appears less environmentally friendly compared to Texas, according to Harald Lesch's climate documentary"
- Investing 1 billion funds into the police force of North Rhine-Westphalia for battling rodents and mold issues
- Tesla resurrects transferred Full Self-Driving feature amid other promotional offers
