Post Magazine

Post Magazine: "Groupama signs �14m deal with Premier Underwriting
Groupama Insurances has completed negotiations on a new scheme arrangement that is expected to produce approximately �14 million of new premium income over the next two years. The new deal, with niche intermediary Premier Underwriting concerns the acquisition of a portfolio of non standard private car and van covers �areas where Groupama is keen to expand its participation.
Kate Mutter, Head of Intermediary Solutions at Groupama Insurances, said: �This is a great opportunity that will give us access to a substantial volume of business in an area where we have been widening our underwriting footprint. Importantly, this is a profitable book that benefits from the expertise at Premier supplementing our market leading underwriting and pricing capabilities.�
Premier Underwriting sources its business from a selected number of motor intermediaries and targets non-standard risks that do not fit the mass market model.
Paul Gray, Managing Director of Premier Underwriting, said: �We are really pleased to have completed this deal with Groupama. There are very few Insurers on our wavelength, who have the underwriting and pricing sophistication to realise the potential for profit in these niche areas. We have also been able to bring negotiations to a conclusion very quickly and with the minimum of fuss and red tape � something that is a rarity in today�s market.�
Business is already beginning to flow between the two organisations and Groupama expects that in excess of �6 million will be on the books during 2005. "