Covéa looks on the Brightside
Brightside Group is hoping to fill the space in the motor insurance industry left by Markerstudy’s withdrawal by signing a new capacity deal with Covéa Insurance.
Markerstudy ended its capacity deal with Brightside in May.
Brightside executive chairman Mark Cliff said, ‘This is a massive vote of confidence in our strategy, our people and our technology platform. Under this new arrangement, Covéa will provide increased capacity enabling us to expand our motor insurance proposition and helping to fill the gap left by Markerstudy.
‘We have overcome any perceived threat posed by Markerstudy’s withdrawal from our motor business and I remain confident in our ability to continue to grow, deliver value to our investor and repay the faith shown to us by our panel providers.’
Brightside says that this agreement, plus another agreement with an unnamed insurer, means the part of the Brightside book which was previously underwritten by Markerstudy will be fully covered.
Sue Coffey, director of intermediated distribution, personal lines at Covéa, added, ‘We look forward to developing our existing relationship with Brightside. Brightside is a well-established brand in the car and van market, both product lines which match our own risk appetite.’
The agreement with Covéa covers Brightside Car, Brightside Van and a range of other commercial vehicle business. The current Brightside car panel consists of Ageas, AXA, Covéa Insurance, LV, Premier and Sabre.