Supporting our clients will remain the priority in 2021
Fiducia MGA CEO Gerry Sheehy explains why 2021 will be a year of continued growth as the determination to support our broker partners remains stronger than ever.
The adjectives to describe 2020 and its impact on the industry and our clients have all been well used in the past 12 months. Few if any of us could have predicted the turn of events we have endured had they been pressed for a view a year ago.
The resilience the market has shown to move to a fundamentally different working model whilst maintaining the ability to meet the insurance needs of their clients has been little short of remarkable.
With a book of business which is weighted heavily towards physical damage covers Fiducia has been far less affected than other underwriters and the past year has been one of growth as we have built on the foundations we have created across a number of our lines. We are, therefore, looking to continue that growth in 2021 alongside our broker partners.
We have renewed our cargo facility with four top rated capacity providers and at a bigger stamp capacity. Within the first two weeks of the year we are seeing increased enquires and encouragingly we have been approached for new TOBA arrangements as more brokers see the value in the products we offer and the quality of the service we provide to support those covers.
Whilst for society it is anything but, we are pleased to say that it is business as usual for Fiducia. We are determined to build on the success of 2020 in which we saw some of our peers reduce their participation in several classes of business we write or took the decision to withdraw totally. This only served to create uncertainty for brokers and the insureds. We are acutely aware that in the current climate the reassurance that your underwriting partner is committed to their broker partners and their clients is more important than ever.
COVID and Brexit have put additional pressure on the UK and European ports but has also provided challenges for those in the UK insurance market which have risks that reside within the European Union.
We have been working with a number of partners to ensure that we are still able to offer cover to clients who have business within the single market and we are pleased to say that work is progressing rapidly.
The foundations we have built over the past four years have ensured we are well placed to continue our growth in 2021 and beyond.
We remain committed to the classes in which we operate and will continue to look at opportunities that will enable us to enhance the products we offer in a way that is sustainable for both our capacity providers and brokers.
We are looking at the year ahead as one of continued growth and our message remains that our door remains very much open to brokers who are looking for a market that can deliver quality and financially strong products and a market-leading level of service. Those products and services will remain coupled, with the can do attitude that has defined the relationships we have built with our broker partners since the day we began underwriting.
I wish you every success for the year ahead and we look forward to working with you and your clients in the weeks and months to come.