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Insurers, reinsurers back MGA to boost European property capacity

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London-based managing general agent European Property Underwriting Ltd. has entered into an exclusive capacity arrangement with HDI-Gerling Industrie Versicherung A.G. with major reinsurance participation from Liberty Mutual Insurance Co. and Swiss Re Corporate Solutions Ltd., Global Risk Partners Ltd., which owns EPU, announced Thursday.

EPU specializes in a range of insurance products for property owners via brokers. EPU was established in October 2013 following the sale of Towergate Underwriting Commercial Property to Global Risk Partners.

The new arrangement will allow EPU to write line size in excess of £300 million ($455.4 million), EPU managing director Ian Dopson said in a statement announcing the arrangement.

“Our relationship with EPU has created a fantastic opportunity for HDI-Gerling to enter the property owners sector,” Richard Taylor, managing director of HDI-Gerling U.K., said in the statement.

“They have a professional and experienced team which together with our significant capacity, excellent security and extensive global network will enable us to take advantage of the business opportunities both here in the U.K. and throughout Europe,” he added.