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Daily Insurance Industry News
Monday 24th of September 2018
November 29, 2010

Ascot acquires Jubilee’s commercial motor renewals

by Gill Montia

Story link: Ascot acquires Jubilee’s commercial motor renewals

Ascot Underwriting has announced that the renewal rights for Jubilee Managing Agency Limited’s commercial motor account have been acquired by Direct Commercial, which will write the business on behalf of Ascot.

The account specialises in niche areas of the market including fleet, taxi, bus and coach insurance, and all existing partnerships with a select panel of intermediaries will remain in force.

Renewals due from 11th December 2010 onwards will be invited by Direct Commercial, while renewal invitations and quotations prior to this date will be honored by Jubilee, which will also continue to handle the administration and claims on policies incepted prior to the transfer date.

Commenting on the transaction, Ascot chief executive officer, Andrew Brooks, says: “Following our successful entry into the UK commercial motor market earlier this year, we are confident that Ascot’s entrepreneurial systems and bespoke approach will drive profitability while providing top-notch service to the policyholders and brokers.”

Last month, Ascot revealed that Lloyd’s has approved its 2011 capacity of £600 million, the firm having de-empted its stamp from £700 million in 2010, in response to current market conditions.

 

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