Pivix Specialty Insurance Services, a managing general agency specialising in excess and surplus lines, has partnered with Canopius US Insurance to enhance insurance offerings in the wholesale distribution market.
The move is set to cater specifically to smaller commercial property and general liability risks, according to InsurTech Insights.
This alliance is designed to address the growing demand for efficient insurance solutions among brokers handling smaller commercial accounts. With this partnership, the companies seek to streamline the process of obtaining quotes and binding coverage, thereby improving service delivery and reducing timeframes for brokers and their clients.
Pivix brings extensive expertise in the excess and surplus lines market, especially in property and casualty coverages targeting SME clients.
Founded by industry veterans with a history of success, it provides innovative insurance solutions, backed by the support of Ambac Financial Group.
This foundation enables Pivix to deliver specialised and adaptable insurance products tailored to the needs of brokers and clients in the SME space.
Canopius, known for its strong presence in property and casualty insurance, is committed to expanding its footprint within the wholesale market.
The company, through this partnership with Pivix, aims to support its wholesale strategy by offering property and liability products that can be easily distributed to brokers working with smaller commercial clients.
The new contract binding program offers a streamlined approach to insurance delivery, providing select brokers with a more efficient route for securing quotes and binding insurance policies.
This move is expected to improve service levels across the wholesale insurance market and offer increased value for brokers managing small-to-medium sized commercial accounts.
“We are excited to partner with Canopius on the launch of the contract binding program,” Pivix president and CEO Mike Miller said. “Our market reputation, underwriting skills and overall operational experience in this space, combined with Canopius’ reputation, financial rating and market presence makes for a powerful combination. As this market segment continues to grow rapidly, our partnership will enable us to effectively meet the evolving needs of the wholesale marketplace.”
Canopius US & Bermuda CEO Lisa Davis commented, “Canopius is committed to expanding our property and casualty wholesale business, and we’re delighted to have launched this new program with Pivix.” She added, “This is a great example of our wholesale strategy, which seeks distribution partners who can offer Canopius the expertise to provide relevant and practical solutions to big challenges.”
Copyright © 2024 InsurTech Analyst
