Real estate and construction sector commences operations under Aviva GCS's supervision
In a significant move, Aviva, a leading player in the real estate and construction market, has launched a unified 'Real Estate & Construction' client practice under its Global Corporate & Specialty (GCS) business. This development marks a milestone in the integration of Probitas with Aviva and promises several key features and enhancements.
The new practice brings together Aviva's Construction, Latent Defects, and Real Estate teams, moving away from the former "Property Investors" designation. This unified approach provides a coordinated strategy across pre-construction, active build, and post-completion phases, ensuring a more integrated approach to risk management.
One of the standout enhancements is Aviva's enhanced mass timber proposition. The insurance giant has expanded its insurance proposition for mass timber, supporting sustainable construction practices. Clients using mass timber and engaging with Aviva's risk management protocols can access lead-line coverage on both construction and latent defect policies.
Whole-account underwriting is another significant addition. This approach enables early engagement with underwriters, engineers, and claims specialists, providing continuity and transparency throughout a project's lifecycle.
Aviva has also expanded its Lead Multinational and Captive capabilities, offering a capacity of £2 billion and expert support across 180 territories. This expansion aims to meet the evolving needs of clients and brokers in the real estate and construction sectors.
The new practice reflects Aviva's commitment to supporting sustainable development, allowing engagement at the design stage before building begins. This focus on sustainability is further demonstrated by Probitas' entry into the Renewable Energy sector.
In addition to these enhancements, Probitas is expanding to offer five new lines of business, starting from 12 November. The five new classes of business include Marine (Cargo, Fine Art & Specie, and Ports & Terminals), Construction, Renewable Energy, and Contingency/Event. Probitas will now begin quoting for these newly introduced classes of business.
The expansion of Probitas' underwriting appetite to include new classes of business could potentially broaden the range of services available to clients. This development may signal a broader trend of consolidation and diversification within the insurance industry.
Matt Gordon, Underwriting Director, Specialty & Real Estate, stated that the united teams aim to keep pace with the fast-evolving real estate and construction sector. The introduction of the GCS Real Estate & Construction Client Forum further underscores this commitment.
Aviva Risk Management Solutions supports sustainable development and reinstatement, providing a contribution towards more resilient repairs following a storm or flood, up to a limit of £500k per event. The integration of Probitas with Aviva may lead to further collaborations and synergies between the two companies, catering to the increasing demand for risk management solutions in unforeseen circumstances.
The introduction of Own Land Clean-Up coverage, up to a limit of £100k, further underscores Aviva's commitment to comprehensive risk management solutions. The enhanced mass timber proposition and tailored risk management solutions reflect the future of the built environment.
This unified real estate and construction practice by Aviva aims to meet the evolving needs of clients and brokers in the real estate and construction sectors by providing a more integrated and sustainable approach to risk management and insurance.
- The unified Real Estate & Construction practice at Aviva, following the integration of Probitas, introduces a more coordinated compliance strategy across pre-construction, active build, and post-completion phases, ensuring a more integrated approach to risk management.
- In the realm of insurtech innovation, Aviva has expanded its Lead Multinational and Captive capabilities, offering a capacity of £2 billion and expert support across 180 territories, catering to the evolving needs of clients and brokers in the real estate and construction sectors.
- The new practice at Aviva, in alignment with sustainable development, now offers an enhanced mass timber proposition, supporting sustainable construction practices and providing clients using mass timber with lead-line coverage on both construction and latent defect policies.
- Probitas, now under Aviva's umbrella, is expanding its underwriting appetite to include new classes of business such as Marine, Construction, Renewable Energy, Contingency/Event, starting from 12 November, potentially broadening the range of services available to clients.
