Aurum Underwriting, writing only HNW and specialist vehicle cover through intermediaries, has commenced trading with several brokers in advance of a full UK roll-out in Q4 2012.
Aurum has been launched by HNW insurer Aqua and Ashley Cole, previously Head of Motor at Hiscox. Cole, who established Aurum in March, is well known to brokers as a result of launching prestige motor facilities for Chubb in 1999 and Hiscox in 2008.
Full details of its products and capabilities will be announced over the coming months, but Aurum’s proposition will be based on two policy wordings to broaden its underwriting capability. Designed to complement sister-company Aqua’s flexible approach, its unique risk selection criteria will also ensure no good risk is turned away.
Underwriting on behalf of certain underwriters at Lloyd’s of London, Aurum has also secured long-term commitments to support its bespoke underwriting approach, and pricing.
Aurum’s underwriting platform will support both large private client specialists and brokers who only have a few HNW clients within their portfolios. As a result, unlike many of its rivals, the team will not impose a minimum level of support.
Both Aurum and Aqua are supported by a specialist and experienced claims team. The businesses are generously capitalised to facilitate the execution of long-term strategies.
Ashley Cole, Managing Director of Aurum Underwriting said: “Our aim is to exclusively provide market-leading cover and service for customers that choose to invest in the expertise of an intermediary and have complex insurance requirements that demand specific consideration.’’
“In addition to delivering a solution for the most complex of scenarios, Aurum will provide broad comprehensive cover and will handle every covered loss to the highest standards you would expect from such a specialist insurer.”
Jonathan Rouse, Managing Director of Aqua said: “We have received an overwhelmingly positive response to the launch of our HNW household products from brokers since our launch. The next logical step is therefore to respond to their requests and apply our flexible approach to the prestige and specialist motor markets.
“By hiring Ashley to create Aurum we have been able to utilise his proven track record across both of our HNW underwriting businesses. This has enabled our team to focus on delivering a suite of propositions that will both provide policyholders with the high standard of cover expected and arm brokers with efficient tools to win more business from the affluent.”
