RE: Important notice to Intermediaries

New Co-Insurance arrangements for Patrona Underwriting Limited products from 1st April 2016

 Dear Broker,

 Patrona understands the uniqueness of the Irish general insurance market and our business model is based on providing alternative capacity to insurance partners and policy holders.  Qudos Insurance A/S operates a pan European MGA driven model and has been a significant partner for us entering the Irish market at a critical stage offering alternatives to exiting capital.

 Gefion Insurance A/S, another Danish based insurance company, have been pursuing a similar model throughout Europe.  Both companies have recognised substantial synergies exist between them in territories, distribution channels and reinsurance contracts.  These positions also offer considerable advantages to their MGA partners and they have decided to enter into co-insurance arrangements in a number of European territories including Ireland from 1st April 2016 to take advantage of these opportunities.  This provides significant opportunity for Patrona and you as our customer, increasing the capacity available to us on both our existing Motor and Household books and allowing us to expand our product portfolio into a range of different insurance classes.

Your customers continue to enjoy the superior regulatory position and policyholder protections provided by Danish law under the “Forsikrings Garantifond”.

In practical terms, existing customers need not make any changes to their arrangements with you, Patrona will continue to administer all policyholder issues including documentation, claims and complaints. Escalation of these service areas will be handled by Qudos Insurance on behalf of the co- insurers.

There will be no requirement to seek new proposal forms from existing customers as the current Patrona/Qudos Insurance one will be taken as the basis of the contract.   Renewals will issue in February for April business on the basis of the new co-insurance arrangements and there will be no change to current processes.

We are delighted to be in a position to extend new capacity to the market and we will be in contact shortly with further product developments.

 

Patrona Underwriting Limited is regulated by the Central Bank of Ireland