AXA signs £20m deal with Cherish Insurance Brokers

AXA signs £20m deal with Cherish Insurance Brokers as strategic push into non-standard market continues

AXA Commercial Lines and Personal Intermediary has renewed a long-standing relationship with Essex-based Cherish Insurance Brokers, striking a deal to maintain its role as exclusive underwriter on a range of the broker’s personal lines products.

23 December 2014

Posted in Partnerships

The deal, worth £20m in GWP over the next five years, sees AXA further cement its growing position as an underwriter of non-standard personal lines risks. The relationship between AXA and Cherish, which has existed for over fifteen years, will see AXA exclusively underwrite Cherish’s home (including B&B) ,second home and buy to let products as well as a range of kit and home insurance products marketed to the British armed forces.

We’re really pleased that we have been able to come to an agreement that allows us to continue with what has always been a mutually profitable relationship.

Cherish understands its markets well which gives us the confidence to take an exclusive underwriting position on these risks. In particular, the non-standard aspects of its book are of particular interest to us as we make further inroads into what we see as a very valuable and profitable segment of the market.

Carolyn Scott, Head of Household and Lifestyle at AXA UK

I am incredibly proud of the dynamic and fruitful relationship that both Cherish and AXA have enjoyed over the years.

This agreement cements our commitment and allows Cherish to continue designing innovative products with extensive cover and give our broker partners something extra to offer to their Clients in these niche markets. This is a very exciting step for us all.

Neil Bresler, Managing Director at Cherish Insurance Brokers

The deal with Cherish is the latest push from AXA to diversify its personal lines intermediary business following the recent £20m deal with Paymentshield.

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

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