Allianz Commercial has announced a new partnership with ProMarine, a specialised managing general agent (MGA) focused on marine insurance.
The collaboration aims to establish a multi-product strategic underwriting and claims delegated authority agreement, according to InsurTech Insights.
The primary goal of this partnership is to enhance underwriting and claims handling for the smaller commercial marine industry and vessel risks across the UK, Ireland, and Europe.
By leveraging ProMarine’s expertise, Allianz Commercial seeks to deliver tailored insurance solutions to a broader customer base in these regions.
Allianz Commercial is renowned for its robust insurance products across various sectors, with a particular emphasis on marine and liability coverage.
ProMarine, on the other hand, specialises in underwriting marine insurance, providing a niche service to the maritime industry.
This partnership will allow ProMarine to underwrite and manage claims on behalf of Allianz Commercial, thus strengthening their market position and customer reach.
The agreement, which includes a £10m capacity, covers an array of marine and liability products. These products include marine hull, protection and indemnity, general liability, and employer’s liability insurance. This extensive coverage aims to address the diverse needs of clients in the marine sector.
According to Tom Argentieri, head of hull at Allianz Commercial UK, this partnership is a testament to Allianz’s commitment to offering market-leading solutions. He said, “Both marine and liability are key strategic business lines for Allianz Commercial and this transaction demonstrates our continued commitment to providing market-leading solutions for customers in these dynamic areas of risk.
“This will further strengthen our diversified and sustainable book of business and consolidates our expertise with a wider customer base. The teams are very much looking forward to working with their ProMarine colleagues on this strategic collaboration.”
Lena Weaire, CEO of ProMarine, expressed enthusiasm about the partnership, highlighting the long-term benefits and commitment to delivering comprehensive solutions. “It is great to be working with Allianz Commercial, a company with a rich history as a market leader in the Marine and Liabilities market. It demonstrates our commitment to successful long-term partnerships in the market and our drive to deliver holistic solutions to customers.”
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