Collison Insurance Collaborates with Novus Underwriting
In a strategic move, Novus Underwriting, a leading global wholesale warranty and affinity Managing General Agent (MGA), has announced a new partnership with Collinson Insurance. This collaboration centers on an exclusive binding authority agreement for annually renewable warranty products, covering over 500,000 policies.
The partnership is significant as it strengthens Novus's position within the UK market and complements its capacity deployment across the UK, Asia, the Middle East, and Europe. Novus Underwriting, part of Rokstone’s International Specialty re/insurance division, was founded in 2017 and focuses on a diverse portfolio, including mobile device protection, extended vehicle warranty, GAP coverage, appliance and furniture warranties, and financial protection products. Currently, Novus writes over £230 million in gross written premium (GWP) annually and aims to grow this to £550 million within the next five years.
Rokstone, a part of the Aventum Group, has also recently launched a new Surety Division to provide underwriting expertise to a competitive market. The new division will be led by specialist bond underwriter Darren Guymer. Rokstone underwrites USD 1.1bn GWP in several Specialty lines including Warranty, Property, Power Generation, Marine, Aviation, Cedant led Fac, Agriculture, Construction & Engineering, A&H, Professional Indemnity, and D&O.
Meanwhile, Novus Underwriting has also partnered with Companjon Services DAC to provide end-to-end embedded insurance for flight delays. This partnership is expected to boost Novus's offerings in the travel insurance sector.
John McGonigle, Chief Underwriting Officer at Rokstone Consumer, commented on the partnership with Collinson Insurance, saying, "We are delighted to announce this strategic partnership with Collinson Insurance. This collaboration will enable us to provide our clients with even more comprehensive warranty solutions, further enhancing our position as a leading underwriter in the global warranty and affinity space."
Lawrence Watts, CEO of Collinson Insurance, expressed his support for the partnership with Novus Underwriting, stating, "We are excited to be partnering with Novus Underwriting. This collaboration will allow us to leverage our combined expertise in the warranty and affinity space, creating value for our clients and driving growth for both our businesses."
The rebranded Aventum, formerly known as Direct Insurance, aims to become one of the biggest and the best global (re)insurance specialty wholesale businesses. This partnership is a step towards achieving that goal, as both firms aim to be leading underwriters in the global warranty and affinity space, enhancing underwriting capacity and growth potential.
- The collaboration between Novus Underwriting and Collinson Insurance, marked by an exclusive binding authority agreement, will boost Novus's innovation in the finance sector, particularly in the annually renewable warranty products, aligning with the company's goal of growing its gross written premium to £550 million within five years.
- The partnership between Novus Underwriting and Companjon Services DAC, aimed at providing end-to-end embedded insurance for flight delays, signifies Novus's commitment to insurtech events and expanding its offerings in the travel insurance sector, in line with its strategic positioning in the global warranty and affinity market.
- Aventum Group's rebranding and ambition to become a leading underwriter in the global warranty and affinity space is further bolstered by its partnership with Collison Insurance and Novus Underwriting's focus on compliance with various specialty lines, strengthening its capacity deployment across multiple regions.
