MGAA member Lutine Assurance Services, part of RDG, the UK subsidiary of Ryan Specialty Group, is looking to double in size this year following a period of retrenchment in 2014.
According to new business director Andy Coles, the business is now fully integrated into RDG and will take advantage of RDG’s sales, renewals and service capabilities to rebuild the business, which writes individual and group life and protection primarily for SMEs.
“Lutine is very much open for business, and we have ambitious plans to extend our suite of products and build new partnerships with London Market MGAs to support small business owners and their lower-income employees who need fairly-priced cover for personal accident, healthcare and ex-pat working. Under-insurance is a problem in the UK, and we want to help fill that protection gap.”
Mr Coles said that the MGAA was an important forum to debate the protection gap and other issues with a public policy angle, and “Lutine is keen to work with Peter, Jane and the team to build a stronger voice for our industry at market, political and regulatory levels.”
Mr Coles said that Lutine is this month (April) launching a new ‘Lutine Lifestyles’ online employee benefits platform, combining health-specific offers with staff discounts, in partnership with BHSF, the leading not-for-profit healthcare insurance and employee benefits provider. Mr Coles said: “Lifestyles is aimed at our core customer base of SMEs with less than 50 employees, which represents over 90% of our book, and this product is designed to improve the wellbeing of their employees.”
Lutine Lifestyles is just one among a number of new launches planned for 2015, and Mr Coles said Lutine was in discussions with a number of London Market capacity providers to provide support for a broader suite of products.
Mr Coles believes that the SME market is on the threshold of major change, thanks to the next phase of auto-enrolment, where small business owners and their employees can benefit from competitively-priced protection products and other employee benefits with a high perceived value.
He added: “MGAs are thriving because they offer excellent distribution capability, high levels of specialist market and underwriting expertise delivered at low cost. It’s an exciting time to be in this sector.”
- Lutine Assurance Services is a wholly owned subsidiary of RSG and a fellow Group Company of Direct Group. Lutine acts as a marketing and service company; underwriting, accepting and managing individual, group life and scheme other scheme related risks received via the intermediary market.
- Established in 1989, Lutine was created to act as a marketing, administration and service company for a consortium of Life syndicates at Lloyd’s of London.
- As a business we provide a wide range of individual and corporate protection based products to some of the largest insurance businesses in the United Kingdom helping to look after the interests of over 30,000 individuals.
For more information please contact:
Ben Welsh: Certus Ltd – 07568 382040