AXA UK Commercial is expanding its delegated authority footprint through a new partnership with Unicorn, a UK managing general agent (MGA) owned by Amwins Global Risks.
The move broadens AXA’s access to motor fleet and SME commercial business placed via regional brokers at a time when MGAs are accounting for a growing share of specialty and commercial premiums.
Unicorn provides capacity for UK motor fleet and SME commercial risks and distributes through a national broker network. It focuses on car and van fleets of 10 or more vehicles and is backed by A- (Excellent) rated capacity.
AXA UK said the agreement aligns with its strategy of working with MGAs that bring specialist expertise or products it does not currently offer. The partnership is intended to give the carrier additional access to UK small and medium-sized enterprises via independent regional brokers that may not trade directly with AXA’s existing branch and e-trade channels.
Amwins' recent reorganisation
Amwins has recently reorganised its international underwriting operations into three entities, with Unicorn positioned as the UK-focused MGA for fleet and commercial risk, Contour Underwriting as an open-market specialty MGA, and Amwins Amplify as a brand for exclusive products for Amwins brokers. Unicorn’s worldwide property team has been rebranded into Contour, while the remaining Unicorn business continues to target expansion of its UK offering, particularly in motor fleet and SME.
Unicorn primarily works with small regional independent brokers, meaning the tie-up exposes AXA to business it would not typically encounter through its existing distribution. The MGA has also invested in technology and data to support underwriting.
Chris Elliott, new deals manager at AXA Commercial, said the insurer was attracted by Unicorn’s service model and technical capability.
“Unicorn are true specialists in their market sector and have a bespoke, customer‑focused system that fits with our own customer first mindset. They share our ambition to build a long-term, sustainable relationship and their turn-around for quoting is best in class so we’re delighted with this new partnership,” Elliott said.
AXA has been active in the MGA and schemes space for more than 30 years, providing capacity for niche programmes and emphasising long-term support for coverholders.
The wider MGA market context helps explain why carriers are deepening these relationships. London company market statistics showed premium written via delegated authority arrangements by participating companies reached about £4.8 billion in 2024, up more than 12% on 2023. That growth underlines the increasing role of MGAs and schemes in carriers’ distribution strategies.
Industry research also points to rapid expansion of the MGA sector globally, with MGA, MGU and coverholder groups generating an estimated $29.25 billion in revenues in 2024 and responsible for more than $250 billion in written premiums.
