Spring Insure, the financial and professional lines managing general agent, has secured significant new and enhanced A-rated capacity across all of its existing product lines following an agreement with hybrid fronting insurer, Bridgehaven Specialty UK.
The new deal covers Spring Insure’s entire product portfolio across Financial Institutions, Commercial Professional Indemnity, and Commercial Director’s & Officer’s, significantly broadening its underwriting appetite.
The capacity, effective immediately, supports Spring’s ambitious growth plans, and will enable the MGA to provide even more flexibility and choice to brokers across its key lines. Spring is targeting a 50% uplift in annual premium written across the business in the first year of the relationship.
As a result of the Bridgehaven agreement Spring can now underwrite:
- Standalone or packaged insurance for financial services firms with revenues up to £500m, including professional indemnity, crime, directors & officers and cyber coverage.
- Professional Indemnity coverage for a broad selection of traditional and miscellaneous professions with revenues up to £200m.
- Directors & Officers insurance for private and public companies with total assets up to £10bn.
This new capacity complements Spring’s longstanding existing capacity relationships to provide brokers and their clients with additional product choice.
Tristan Sargeaunt, CEO, Spring Insure commented:
“Spring Insure has gone from strength to strength since our foundation in 2020, building on our growing reputation with both capacity providers and the broking sector. It is particularly pleasing to be able to announce this new agreement which reflects our commitment to developing sustainable , long-term relationships with both capacity providers and our broking partners.
“This new partnership with Bridgehaven represents a significant moment in the development of Spring and is great news for both our brokers and their clients. We are confident that it will not only bolster our already strong renewal retention rates but help drive new business growth against the background of what has been a soft market.“
Paul Jewell, CEO, Bridgehaven Specialty UK, added:
“We are delighted to be able to support Spring Insure’s ambitious growth plans as the team looks to significantly expand its existing footprint in the specialist financial and professional lines sectors. The move also supports our own mission as the first hybrid fronting insurer of reshaping the world of insurance by developing partnerships with like-minded forwarded thinking MGAS.”