The deal will see PartnerRe Wholesale provide not only capacity for Professional Indemnity (PI) insurance products, but also a range of customized services in the area of product development, marketing, claims and IT. All are tailor made for a wide range of professionals in Italy including Lawyers, Credit Brokers, Web designers, technicians and Certification Bodies.
EBA has developed a consistent book of business in the Casualty market, and view their ability to offer an insurance package covering the key types of coverage professionals require, Bonds, General and Professional Liability and Personal Accident, as a key strength. Under PartnerRe agreement EBA will write business through a regional network of mainly wholesale brokers. The company will offer clients products based on all risk coverage with tailor made products, as a competitive and local alternative solution to the Lloyd’s market.
The Professional Indemnity market in Italy has grown consistently, rising over 2% every year since 2010 and recent studies show that the market will continue to grow from €986.4 million to €1.15 billion between 2013 and 2017. With Professional Indemnity insurance for a number of professions now mandated under Italian law which came into play in August last year, there is a real opportunity for growth and the relationship with PartnerRe Wholesale will help EBA develop its business while offering its clients white labeled products.
Angelo Semeraro, Senior Broker at EBA, said: “Italy is currently undergoing regulatory changes which will greatly increase the demand for Professional Indemnity policy for all professionals. This creates potential gaps in the indemnity cover for the Italian SME sector. We will now benefit from the expertise and capacity of one of the largest reinsurers in the world. Our collaboration with PartnerRe Wholesale will provide us with access to the necessary products, marketing and distribution tools to ensure that these businesses have the cover they need with a very strong brand on their back.”
Marc van der Veer, General Manager PartnerRe Wholesale, noted: “In a relatively tough environment for insurance, the SME sector offers one of the few current growth areas in the wider market. The market in Italy is continuing to grow at a consistent rate, and this looks set to continue with mandated PI for Italian professions such as Lawyers and Credit brokers. Our aim is to enhance our partner’s growth by strengthening their product offering to SMEs. We are very pleased to be working with EBA, are confident that our multi-year partnership with their dynamism will help them support the insurance needs of the Italian market.”
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. Last year PartnerRe Ltd. launched a new specialist insurance division – PartnerRe Wholesale – that offers Financial Lines insurance coverage to Managing General Agents (MGA’s), Insurers and Brokers tailored for SMEs, including commercial PI, commercial Directors & Officers (D&O) and General Liability (GL) insurance.
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