Broker PIB Group has confirmed a five-year agreement with insurer Ageas to write its tenant risk scheme. Ageas will underwrite the scheme, which offers bespoke cover, wide acceptance criteria, and flexible payment options for social housing tenants in England, Scotland, and Wales, from 1 November 2020.
The deal is worth more than £40m in gross written premium (GWP) over the partnership period.
Chief executive of PIB Schemes and Affinity at PIB Group Bernard Mageean commented on the partnership that, “we have offered this insurance product for over 30 years and it is highly valued by the 100,000 tenants who have this cover and the local authorities and housing associations we work with.”
Mageean added, “we are delighted to partner with Ageas and look forward to the opportunity to offer an improved product and service to current and future customers.”
Mark Auchterlonie, director of distribution at Ageas, stated that “one of the most fundamental principles of insurance is to ensure that anyone who wants to protect themselves can do so. We, therefore, welcome this opportunity to partner with PIB and, in the process, broaden our continued commitment to profitable growth in the broker market.”