London and European today announces Hannover Re subsidiary Inter Hannover as its exclusive provider of title insurance in a deal that will enable London & European to maintain its position as the leading provider of title insurance solutions in the UK today.
Following an MBO of London and European earlier in the year, CEO, Christopher Taylor has looked to the market for a new partner to underwrite its title insurance business and is delighted to have signed the four-year rolling contract with Inter Hannover. Under the terms of the agreement London & European has been granted a comprehensive delegated authority.
London & European has negotiated several improvements to the cover provided over and above its unique six-month ‘cure or pay’ guarantee. This has resulted in an easy-to-understand title insurance policy that provides clarity of cover and the enhanced protection that mortgage lenders are demanding as risk management dominates their board agendas.
Hannover Re is the fifth largest reinsurance group in the world. Its wholly owned subsidiary, Inter Hannover is registered in the UK and specialises in writing primary insurance business via MGAs, and provides the security and protection of an S&P ‘AA-‘ and A.M. Best ‘A’ rated global insurance provider.
Nick Parr, Managing Director, Inter Hannover is excited about the deal: “This agreement adds another rich seam of specialist business to our portfolio. Our strategy is always to look for lines of business outside the mainstream where we feel there is a market opportunity, and title insurance fits perfectly. In London and European we have a partner which is an established authority in the field and has a solid book of existing clients as well as a healthy appetite to grow profitably. We look forward to a long and fruitful relationship with them.”
Christopher Taylor believes there are real synergies between the two companies: “Inter Hannover is an entrepreneurial business which has the ability to spot an opportunity in a specialist sector and the vision to realise its potential. It’s no secret that the property market is depressed at the moment, but title insurance is an important tool in mitigating risk and can actually help ease lenders capital adequacy requirements. Inter Hannover takes a nonconservative attitude to recognise the potential in the current climate and appreciates the benefits that a longer term approach to the sector can bring. We are delighted to be working with Inter Hannover and to bringing their stability and security to our clients.”
