Covéa exits HNW motor line

The insurer is working with brokers following the decision to exit the line last month. 

Personal lines director Sue Coffey said: “HNW [high net worth] remains core for us, but we are no longer writing business in the executive motor space, and [we are] working closely with the limited number of impacted brokers to support the transition.”

Covéa’s HNW structure consists of regional underwriting teams in Manchester, Birmingham and West Malling in Kent.

The HNW executive motor product had been offered as a comprehensive policy covering up to 10 vehicles, and drivers aged between 17 and 80.

Covéa also covers executive home and travel in its HNW offering. Executive Plus is one of its flagship HNW products, with minimum premiums of £150,000 to cover contents and fine art.

Aviva consolidation

The UK HNW market has undergone consolidation in the past two years, led by Aviva.

Aviva snapped up the Axa XL’s private client team in March 2021.

It followed that up with the capture of Azur Underwriting last year, which was an AIG- and Ascot-backed managing general agency (MGA).

Last week, Insurance Age reported that AIG planned to expand its HNW offering following a deal with reinsurance private equity specialist Stone Point Capital.

The two will team up to form a new MGA. AIG will use Lloyd’s – specifically its own Syndicate 2019 – to provide capacity.

AIG CEO Peter Zaffino said: “By partnering with a world-class private equity firm like Stone Point, we can maximise the strengths of this business, and improve product offerings to better serve the high- and ultra-high-net-worth markets.”

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