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

by Daniel O’Byrne (see media contact)

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.

Carolyn Scott, Head of Household and Lifestyle at AXA, said: “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.”

Neil Bresler, Managing Director of Cherish Insurance Brokers, added: "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."

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