Digital MGA Attune’s new business owners’ policy (BOP) program represents a significant new relationship for expansive fronting carrier Accredited Surety and Casualty Company.
The new policy is written on Accredited paper and backed by a panel of reinsurers led by TransRe.
The BOP+ policy adds 135 new classes, additional coverages and expanded underwriting, providing brokers with what Attune describes as a “frictionless experience” to serve their small business customers with rapid access to tailored products.
Sources said Attune – which was formed as a joint venture between AIG, Hamilton and technology-focused hedge fund Two Sigma – has been working with reinsurance broker Guy Carpenter to secure capacity for the program.
As previously reported, Attune is separately understood to have appointed Evercore as it seeks new investment partners to take it through its next stage of development.
Commenting to this publication, Accredited president and CEO Todd Campbell said his company had been working with Attune for some time ahead of signing up to the program.
“When we saw their technology and their dedication to it we were really impressed and so far they’ve been fantastic to work with,” he said.
“There’s a lot of talk about insurtech, and there’s a massive distinction between those that are talking about it and those that are executing it in a meaningful way,” Campbell added.
In a statement confirming the tie-up, Attune CEO James Hobson said the MGA would look to build additional products in the future with the Accredited and TransRe teams.
TransRe’s global president of underwriting operations Ken Brandt added: “Attune uses data and technology to underwrite risks in a new way. We are pleased they chose us to partner with them, and we look forward to working with Attune to help them meet and exceed their goals.”
The new Attune offering builds off the MGA reaching a milestone last year as it hit $100mn in annual premium volume.
As previously reported, Accredited, the program management arm of Randall & Quilter, has also been expanding in both the US and Europe in recent months.
Its existing US admitted platform together with Accredited’s European platform recently reached $1bn of contracted gross written premium.
Accredited also recently announced the launch of a new E&S program management business, Accredited Specialty Insurance Company.
Campbell said that Accredited has a growing pipeline of new partnerships for 2020.