LONDON, May 14 /PRNewswire/ --
Synergy Insurance Services UK Ltd (Synergy), the new insurance ventureled by pioneering City financier Sir Mark Weinberg, announces today thelaunch of a revolutionary new type of commercial insurance product which willenable well-managed, medium-sized businesses to save up to 40% of netpremiums a year.
Synergy MicroCaptive, the biggest innovation in commercial insurance forseveral years, means mid-sized companies no longer need to subsidise the badclaims records of other businesses and are rewarded financially for managingtheir risks well.
Synergy MicroCaptive works by adapting and simplifying the captiveconcept used by large corporations and turning it into a product which looksand feels much more like traditional insurance, but with many of the benefitsof a captive. In this way, it can be used by businesses with an annualinsurance spend of between just GBP50k and GBP1m.
Synergy has signed a deal with specialist business insurer Inter Hannoverto underwrite Synergy MicroCaptive. Inter Hannover, the primary insurance armof Hannover Re, one of the leading global reinsurance groups, confirmed itscommitment to Synergy by entering into a five-year partnership to launchSynergy MicroCaptive and also collaborate on a pipeline of forthcominginitiatives.
Synergy Insurance Services Ltd is supported by some of the most respectednames in the insurance industry - including Sir Mark Weinberg who is CompanyChairman. It is the latest in a long line of innovative financial servicesventures from Sir Mark, the founder of Allied Dunbar Assurance (now part ofZurich Financial Services) and co-founder of St James's Place WealthManagement Group, where he remains president and Chairman of the InvestmentCommittee.
Synergy MicroCaptive allows companies to manage major business insurancessuch as property, business interruption, motor fleet, employers' liabilityand public liability in a single policy. Unlike conventional insurance,typically 30-40% of the annual net premium is allocated to aninterest-bearing account in the client's name to cover smaller losses. Theremainder pays for insurance cover on larger claims should anything seriousgo wrong. If a business manages its risks well and has low - or no - smallclaims, it gets the money in the account back, making a real saving.
Commenting on his new venture, Sir Mark, says: "We are delighted thatInter Hannover has joined forces with us to launch Synergy MicroCaptive - aproduct which does what insurance should do; that is to solve problems thatmight otherwise put companies in jeopardy, while not meddling in the smallmatters that are better dealt with by the businesses themselves.
"The commercial insurance world is not traditionally a hotbed ofcreativity and we think this is the first genuinely new idea for over adecade. I have spoken to many brokers and potential customers and theseconversations demonstrate an overwhelmingly positive market response so I'mconfident about its long-term prospects in the market." he concludes.
Michael Wennin, Managing Director of Inter Hannover adds: "We are excitedto be playing a major role in the first insurance proposition which trulymeets the needs of firms with good claims records. We look forward to workingwith Synergy to build partnerships with brokers throughout the country andencourage further take-up of the product."
Synergy MicroCaptive is initially being sold through two leadinginsurance brokers, Smart & Cook and Giles, and is due to be launched to thewider broker market during 2007.
Notes to Editors:
About Synergy:
Synergy Insurance Services (UK) Ltd (Synergy) is the company whichdevised and distributes Synergy MicroCaptive. Founded in 2003, the companyreceived the bulk of its funding in August of last year and is backed by someof the most respected names in the insurance industry - including Sir MarkWeinberg, founder of Allied Dunbar Assurance (now part of Zurich FinancialServices) and co-founder of St James's Place Wealth Management Group, who isthe Chairman and a substantial investor. As managing agents Synergyadministers Synergy MicroCaptive providing the product, underwriting, claimsand insurance services to customers on behalf of Inter Hannover. Synergy isregulated by the FSA.
About Inter Hannover:
Inter Hannover is wholly owned by Hannover Re, one of the leadingreinsurance groups in the world with a gross premium of around EUR 9 billion.It transacts all lines of non-life and life/health reinsurance and maintainsbusiness relations with more than 5,000 insurance companies in about 150countries. Its worldwide network consists of more than 100 subsidiaries,branch and representative offices in around 20 countries with a total staffof roughly 2,000. The rating agencies most relevant to the insurance industryhave awarded Hannover Re very strong insurer financial strength ratings(Standard & Poor's AA - "Very Strong" and A.M. Best A - "Excellent").
Inter Hannover is registered in the UK; the Company specialises inwriting primary insurance business via agents or similar organisations inEurope. One of its major business streams is Agency Business which is thetransaction of narrowly defined, homogenous business segments where thestandard insurance functions of business acquisition, underwriting, policyissuance, premium collection, claims handling and administration may beoutsourced to specialised, professionally organised General Agents and ThirdParty Administrators.
For more information, contact: Synergy: Ursula Delaney or Jo Carr at Teamspirit +44-(0)20-7438-9400 Inter Hannover: David Rickard +44-(0)1344-397605
Synergy Insurance Services UK Ltd (Synergy)
For more information, contact: Synergy: Ursula Delaney or Jo Carr at Teamspirit, +44-(0)7799-068-141, +44-(0)20-7438-9400; Inter Hannover: David Rickard, +44-(0)1344-397605
