Novus Underwriting, a global wholesale warranty and affinity managing general agent (MGA) within Rokstone’s International Speciality re/insurance division, has entered an exclusive binding authority agreement with Collinson Insurance for its annually renewable warranty products, covering more than 500,000 policies.
The partnership builds on Novus’s existing arrangements with several other providers and extends its capacity deployment across the UK, Asia, the Middle East and Europe. The agreement is aimed at supporting Novus’s operations in the UK market while complementing its international footprint.
John McGonigle (pictured above), chief underwriting officer at Rokstone Consumer, said the agreement reflects the alignment between Novus and Collinson Insurance in their ambitions for the warranty and affinity market.
“It operates incredibly stringent due diligence processes, so this expansion of our relationship is a huge endorsement of our expertise. We are focussed on being the best underwriting business in the global warranty and affinity space,” he said.
Founded in 2017, Novus has since developed a broad product mix, writing globally across mobile device protection, GAP, appliance and furniture warranties, and financial protection products.
The company currently writes more than £230 million in gross written premium annually across its warranty and affinity product range. It has set a target of £550 million in annual gross written premium within five years. The business operates in 26 countries and is planning to expand into the US, Australia and India.
Meanwhile, as part of Rokstone’s broader growth strategy, the group has also been expanding into new markets, including the launch of Rokstone Commercial Risks in the US excess and surplus sector, which has been growing at double-digit rates.
Rokstone has also strengthened its capacity with agreements such as its recent binder with Lloyd’s Somers Syndicates for facultative property, power and energy risks – supporting its global portfolio, which now exceeds US$300 million in gross written premium in these classes.
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