An update on our UK MGA business (HUSL)
We have made some changes to our business to simplify the way we administrate policies. This means quotations will be issued from Hiscox Underwriting Limited (HUL) and not our MGA, Hiscox Underwriting Services Limited. Hiscox Underwriting Limited acts on behalf of Hiscox Insurance Company Limited (HIC) which will be the sole insurer for the Professional Indemnity insurance.
- With immediate effect, ‘MGA’ primary Professional Indemnity new business will be written in our core underwriting platform, Merlin and issued from Hiscox Underwriting Limited and not as the ‘MGA’
- The aim is to simplify the way Hiscox administrate policies
- The existing portfolio written by the ‘MGA’ will transition from H2 with middle of July renewal dates expected to be the first customers to transition
Why are we making this change and is this change related to the impact of Coronavirus (COVID-19)?
This change is not related to Coronavirus (COVID-19). We want to simplify how brokers and customers transact with us. Our MGA capacity partners will continue to support us to grow this segment in 2020 building on the success of the MGA to date.
What are the key dates of when these changes are happening?
With immediate effect, new business will no longer be written by our MGA business. This will be written by HUL/HIC. From the middle of July renewal date and onwards, existing HUSL clients will be offered terms by HUL/HIC as they approach their renewal date. Each existing policy will receive a covering email with their quotation explaining the changes.
Will there be any policy wording changes?
Yes, cover will be offered on our most up to date wordings. For existing MGA customers, you will receive a Summary of Change document with their quotation. Your client’s policy number will also change.
Will we require a separate TOBA?
No, business will be transacted by HUL and therefore your existing HUL TOBA will be relevant.
Where should brokers send existing MGA business endorsement and renewal enquiries?
We are centralising the existing open market MGA portfolio. Gareth Powley will be managing the transitioning of existing business at renewal and policy endorsements.
Where should we send enquiries?
Please send enquiries to your local underwriter in your regional office.
If you or your client have any questions regarding these changes, please do not hesitate to contact us.