Value-added managing general agent (MGA) Commercial Express, celebrated an impressive last year with the launch of multiple new products alongside a host of scheme enhancements.
Product launches and scheme enhancements
Technical Underwriting Team
During 2022 Commercial Express were able to bring some great new products to the 40 strong product offering and provide superior choice and capacity providers to brokers. The aggressive product development and reviewing strategy means that the business continues to introduce new and market-leading products to the broker network, whilst at the same time constantly looking to improve the current product offering.
New Products Launched in 2022
Commercial Express have just launched a brand new scheme for Security Liability, which is the first of this scheme type for the business. Underwritten by new panel member Axis, and has been designed for a specific broker, and not available to the wider market. This demonstrates the ability that Commercial Express has to adapt new products and develop business opportunities such as bespoke rates or schemes that offer a solution for broker partners and what their customers need.
The most recent product launch available to the wider market is the Let Secure – Residential Property Owners Scheme underwritten by Covea. This new product is in addition to the three other Residential Property Owners schemes in the Commercial Express portfolio, Let Assured, Let Protect and Let Shield. The addition of this new product to the range means that brokers will have a far greater choice and wider risk appetite available to them when choosing to work with Commercial Express. The scheme also offers superior and extensive wording plus broader enhanced covers, to benefit our brokers.
Commenting on the product launch, Commercial Express’ Head of Underwriting, Tom Bolstridge says:
“It’s great to have one of our major insurers (Covea) on the existing Commercial Express panel now underwriting a new Residential Property Owners scheme. Our brokers want choice and added value, and we are happy that this product delivers on both of those needs. Let Secure is a more premium product which can (upon referral) write properties up to a £4M BSI.”
Just prior to the launch of the Let Secure scheme, Commercial Express added a new insurer partner BRIT to the mix with the launch of a new Commercial Property Owners product.
BRIT have a widely recognised industry reputation backed by A rated capacity and they were welcomed to the panel as they offer a strong appetite and superior policy coverage to the range, of which there are now five. BRIT are a market-leading global speciality insurer and reinsurer, focusing on underwriting excellence in complex risks with enhanced features that significantly benefit the Commercial Express offering. The scheme brings a broader appetite to write risks for Commercial Property types such as Restaurants, Offices and General Retail Premises. Another partnership and new addition to the Commercial Express panel is ARAG which is now providing commercial legal protection to brokers serving a wide range of retail and wholesale business clients, as well as emergency assistance and legal protection to residential property owners.
The legal expenses insurance cover, including access to digital legal services, will be available to tens of thousands of clients of brokers using the Commercial Express schemes for offices, shops, pubs, restaurants and fast-food outlets, as well as wholesalers.
The scheme for residential property owners provides landlords with similar online legal tools suited to their specific needs, as well as insured cover for legal disputes, domestic emergencies and rent indemnity.
Discussing the wide-ranging deal, ARAG’s Jason Howse, Corporate Account Manager said:
“Commercial Express and ARAG are MGAs that share some common values. We both work hard to innovate and deliver a high-quality service, so we’re very pleased to be working with them and helping a fellow MGA to differentiate its offering to brokers.”
Commercial Express Managing Director, Duncan Pritchard added:
“We are delighted to be partnering with a name such as ARAG, a much-recognised brand in the market as a symbol of quality and trust. The partnership will bring a host of great developments to the Commercial Express proposition, with additional services and scheme improvements throughout a selection of Optional Extras.”
The schemes featuring these additional benefits are now available to more than 650 Commercial Express brokers serving these specific markets, and the two MGAs are already in discussions to extend the provision even further.
An additional product launch in recent months is the brand new PL Excess of Loss scheme, with capacity provided by Ascot Syndicate 1414 at Lloyds. This is essentially a top-up liability cover designed for a broad spectrum of small, medium, and large businesses across a variety of trades and industries. Excess of Loss insurance provides a business with additional cover above its primary liability policy. When the primary insurer may not be able to provide the limit of indemnity required, Commercial Express can top-up its cover to ensure the policyholder gets the cover and protection they need.
Also launched last year is the new Liability (Per Capita) product underwritten by A-rated Tokio Marine HCC. This new scheme includes a Contract All Risks package extension, a facility unique to the UK liability market, in that it is one of a limited number of Per Capita schemes that offers this extension.
Other products launched and scheme enhancements during the 2022 year were;
- Market traders scheme – expanded to include Online Retailers
- Residential Property Owners schemes Let Protect and Let Assured – new provider Ascot Syndicate 1414 at Lloyds providing capacity
- Catering Trailer scheme – with additional new turnover bandings as well as significant premium reductions
- Contract cleaners scheme – introduction of significant changes that challenged any market-leading products
- Residential Property Owners scheme – Let Shield – capacity provided by Canopius. This enhanced the product by introducing an improved and more competitive facility and fewer underwriting referral points
Commenting on these new additions, Commercial Express’ Head of Underwriting, Tom Bolstridge says:
“We are really excited to be able to bring this host of new products and scheme improvements to the Commercial Express offering for our brokers, and over the coming months in 2023, we’ll be able to share a lot more as we develop more new schemes throughout the year. We always want to make improvements to our products and services where we can, we value our customers and we listen to their feedback. Our aim is to provide the broker with the very best experience”
