• AXA partners with Gresham Underwriting in new capacity deal

    April 17th 2018. Posted in Corporate

    AXA Insurance and Gresham Underwriting (GUL), the MGA arm of the Tasker Insurance Group, have entered into a three-year partnership under which AXA will provide £20m of capacity.

    • AXA and Gresham sign three-year partnership deal
    • AXA will provide £20m capacity
    • Deal coincides with introduction of new products to Instant Quotes broker platform

    AXA Insurance and Gresham Underwriting (GUL), the MGA arm of the Tasker Insurance Group, have entered into a three-year partnership under which AXA will provide £20m of capacity.

    Under the agreement, AXA will provide support on existing GUL product lines in conjunction with the introduction of new AXA-backed products via Gresham’s Instant Quotes broker platform. The first of these new products will be live within three months adding to the 18 products already available on the platform.

    The deal is further evidence of AXA’s appetite for partnerships with MGAs providing high quality service to the broker market whilst delivering a strong underwriting performance.

    “Over the past 12 months, Gresham has introduced new risk assessment and selection methodologies which gives us the confidence they will continue to deliver on their underwriting results and we look forward to working with Gresham to develop these improvements further.

    “Both AXA and Gresham have an appetite for growth and we look forward to developing new products and exploring new markets in partnership with the Gresham team.” [John Heaney, Director of Schemes and MGAs, AXA Insurance]

    “This is an exciting time for Gresham as we look to rapidly move the business forward. To have the support of a partner of AXA’s standing helps this process greatly. Having a carrier portfolio of the existing Lloyd’s syndicates alongside company market capacity, provides us with an excellent platform for growth. We are delighted to be partnering with AXA as we move to the next stage of our evolution. [Rob Munden, Chief Underwriting Officer, Gresham]

    AXA currently provides capacity in excess of £100m through a range of MGAs.

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    The AXA Group is a worldwide leader in insurance and asset management, with 165,000 employees serving 107 million clients in 64 countries. In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying earnings to Euro 5.7 billion. AXA had Euro 1,429 billion in assets under management as of December 31, 2016. In 2016 Interbrand ranked AXA the 1st insurance brand worldwide for the 8th consecutive year. In the UK AXA operates through a number of business units including: AXA Insurance, AXA PPP healthcare and AXA Ireland. AXA employees around 10,000 staff in the UK. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.


    Gresham Underwriting Limited:

    Gresham Underwriting Limited is a Managed General Agency ('MGA') that provides insurance products to FCA authorised firms through in-house underwriters as well as an online instant quotes portal. A member of the MGAA Gresham are market leaders for both mainstream and non-standard business, and operates as a Lloyd's Coverholder. Gresham only work with brokers and do not sell directly to commercial clients. Our focus on brokers allows us to continually develop our product range to ensure that Gresham remains competitive for business and home insurance. Gresham was acquired in May 2013 by Tasker Insurance Group.

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