Policy Expert Partners with Bridgehaven and Accredited for Expansion

December 5, 2024

The newly announced co-insurance partnership between Policy Expert, Bridgehaven, and Accredited marks a significant step in Policy Expert’s growth strategy, enabling the company to enhance its capacity portfolio and broaden its product offerings within the insurance sector. This collaboration is designed to bolster Policy Expert’s capacity and support the anticipated launch of a new pet insurance product, projected to provide £500 million in gross written premium capacity from Bridgehaven over a two-year period ending in 2026.

Strategic Alignment and Collaboration

The central theme of this partnership revolves around strategic alignment and collaboration among the involved parties to foster growth and innovation. Bridgehaven, known for its hybrid fronting insurer model that connects Managing General Agents (MGAs) with diverse, long-term capacity, will share equal capacity with Accredited, a global program manager. This strategic collaboration aims to provide Policy Expert with a robust platform to expand its existing products and venture into new insurance lines, ensuring a diverse and comprehensive insurance portfolio.

Policy Expert’s Recent Growth

The announcement comes during a period of significant growth for Policy Expert, which has recently secured backing from the international private equity firm Cinven. The company has achieved notable milestones, including reaching 1.5 million customers and increasing new policy sales by 45% since May 2021. Furthermore, Policy Expert now holds the first position for new policy sales through price comparison websites in its core markets, demonstrating its strong market presence and customer appeal.

Leadership’s Perspective on the Partnership

Steve Hardy, Executive Chairman of Policy Expert, expressed enthusiasm regarding the new partnership, highlighting the strong foundation it provides for growth and product diversification. Paul Jewell, CEO of Bridgehaven, emphasized the strategic importance of the deal, noting that their market-leading hybrid-fronting model plays a role in facilitating transparent and confident growth. Additionally, Stuart McMurdo, President of Accredited UK and Europe, reiterated their commitment to supporting Policy Expert’s expansion into new areas, such as pet insurance. These statements underline the collective commitment to fostering innovation and market dominance.

Pursuit of Innovation

Policy Expert’s continuous pursuit of innovation and customer-focused growth remains evident through this new initiative. By forming a co-insurance partnership with Bridgehaven and Accredited, the company demonstrates its dedication to leveraging strategic alliances for sustained growth and market prominence. These capacity enhancements and collaborations are crucial for maintaining its leadership position in the UK personal insurance market.

Conclusion

The recently announced co-insurance partnership involving Policy Expert, Bridgehaven, and Accredited represents a major step forward in Policy Expert’s expansion strategy. This strategic alliance will significantly boost Policy Expert’s capacity and diversify its range of insurance products. The collaboration is particularly aimed at enhancing Policy Expert’s capacity to support the development and launch of a new pet insurance product. Over the next two years, ending in 2026, the partnership is expected to provide Policy Expert with up to £500 million in gross written premium capacity from Bridgehaven. This increased capacity will not only help in launching new products but also strengthen Policy Expert’s competitive position in the insurance market. This agreement underscores the commitment of Policy Expert to evolving and expanding in the ever-changing landscape of the insurance industry, ensuring they meet the various needs of their customers while maintaining robust growth and innovation.

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