Novus Underwriting, a specialist global wholesale warranty and affinity MGA and part of the Aventum Group, has partnered with Collinson Insurance for its annually renewable warranty products, covering more than 500,000 policies.
Formed in 2017, Novus is a warranty and affinity underwriting business operating globally to support clients, brokers and TPAs with the implementation and management of schemes business.
Novus currently writes more than £230 million in gross premium annually across mobile device protection, extended vehicle warranty, GAP, affinity programs, appliance and furniture warranty, and financial protection products.
Novus is aiming to reach £550 million in GWP annually within the next five years. Active in 26 countries, it is also targeting expansion into the US, Australia, and India.
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John McGonigle, Chief Underwriting Officer at Rokstone Consumer, said, “The Novus team at Rokstone has ambitious plans, and we’re delighted that Collinson Insurance shares our vision. 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. We never stand still, constantly turning niche opportunities into profitable, expertly written, and well-managed schemes under the exclusive authority of our carrier partners. Our growing team, including the recent appointment of a data scientist, is focused on delivering value and making the warranty and affinity landscape better for our carriers, brokers and TPAs.”
Lawrence Watts, CEO of Collinson Insurance, added, “Novus has a strong track record for underwriting excellence and service innovation, precisely what Collinson Insurance prioritises. The partnership will be a valuable addition and supports our strong growth ambitions, and we look forward to working with their talented team delivering the long-term value we expect.”
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