QBE has formed a new partnership with Evo Surety to help provide service to the UK SME contractor bond market for the first time.
Under this partnership, Evo Surety will be able to issue guarantees up to £750,000 on behalf of QBE and together they will be able to provide much needed capacity to this marketplace. Customers will also benefit from QBE’s S&P A+ rated financial strength.
QBE’s UK surety offering has previously focused on medium and larger building contractor customers but has looked to widen the offering due to growing opportunities in the SME space.
Tom Johnson, UK Surety Manager, QBE said: “Over the past couple of years, QBE UK Surety has explored a number of ways to enter the SME contractor bond market but wanted to do this in a way that provided the best possible customer service. This partnership is an exciting opportunity that will allow QBE to provide a surety solution to a range of customers that we have previously been unable to service directly.”
He continued: “Evo Surety is a well-established and highly experienced underwriter in the SME UK contractor bond market and we believe their service levels are a great match the high standards we expect for our customers. In turn, Evo Surety will be able to leverage on QBE’s construction expertise and technological platforms to help make real time underwriting decisions for their customers.”
Will Bidwell, Managing Director, Evo Surety said: “I am very proud that QBE has chosen Evo Surety as its partner in the SME Surety sector and look forward to working with brokers and clients who want A+ Rated Security coupled with quick efficient service”.
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For further information contact:
Sandra Villanueva, Corporate Communications, QBE, 020 7105 5284, Sandra.Villanueva@uk.qbe.com
Alexis Burris, Corporate Communications, QBE, 020 3465 3921, Alexis.Burris@uk.qbe.com
About QBE
QBE helps businesses build resilience through risk management and insurance.
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2020 was US$14.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large customer base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our customers’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping customers improve their risk management so that they may benefit from a reduction in claims frequency and costs.
About Evo Surety
Evo Surety is a trading form of Evolution Insurance Solutions Ltd which is regulated by the Financial Conduct Authority. It holds authority to underwrite surety risks on behalf of QBE UK Ltd and Evolution Insurance Company Ltd. Evo Surety has a reputation for providing quick efficient bonding for SME clients.