AXA signs £150m expansion deal with Prestige
Belfast-based Prestige Underwriting Services Ltd has signed an exclusive £150m five-year deal with AXA Insurance.
Prestige underwrites business with insurance brokers across the Northern Ireland and Great Britain marketplace for both car and home insurance.
The agreement is an expansion of AXA's existing partnership with Prestige, which has offices on the Shore Road in the city and employs over 100 people, and which already provides a range of non-standard insurance products to over 500 insurance brokers.
The announcement ties in directly with AXA's aim of broadening its footprint in the consumer insurance market.
Karen Hogg, managing director of personal intermediary at AXA, said that Prestige's knowledge and expertise allows AXA to offer a much wider range of products to customers.
"One of the reasons that our relationship with Prestige works so well is that it is based on mutual benefits with neither party holding the upper hand and this is exactly the type of relationship we want to establish with all our partners," she said.
"I am convinced that Prestige is well positioned to continue growing in this particular market, and will support us in being able to offer brokers an extended range of insurance products, and extend our reach into niche markets."
Trevor Shaw, managing director at Prestige Underwriting Services Ltd, said: "We have always enjoyed a strong business relationship with AXA so are delighted with the agreement.
"This extended capacity deal reflects the tremendous commitment and energy of the people in our respective business teams.
"The move will allow Prestige to provide continued support to our existing panel of insurance brokers, as well as attracting new customers throughout the United Kingdom."
In 1997, after more than 25 years experience developing one of Northern Ireland's most successful insurance brokers, Prestige's current chairman, George Storey, started forming the Prestige Group which consists of six companies, and employs in the region of 400 staff controlling approximately £160m.
From April 2008, Prestige Underwriting Services Ltd became a fully owned subsidiary of Prestige Holdings Ltd .
Prestige Holdings Group also includes Abbey Insurance (B2C) and Abbey Bond Lovis (B2B).