Principal Insurance has partnered with AXA Insurance dac to maintain and grow its presence in the Irish motorcycle market following the withdrawal of two UK underwriters.
The move insulates the Manchester-based broker group from continuing Brexit uncertainties by providing access to an Irish domiciled company.
This partnership with Ireland’s largest property and casualty insurer significantly extends Principal Insurance’s underwriting footprint within the Republic of Ireland. AXA will provide underwriting for all of the existing schemes designed by Principal for which Zenith and Tansar previously provided cover.
“With Principal currently holding a share of around 20%, we felt that, in the interests of maintaining a healthy and functioning market, it was absolutely vital to retain and grow our presence,” commented Principal MD Dave Bowcock. “The loss of underwriting capacity and competition would have been bad news for Irish bikers who welcomed the shake-up we gave to what had become a complacent market when we arrived here in 2015.
“There was a recognition that Principal’s specialist expertise and reach would perfectly complement AXA’s extensive underwriting capabilities. It’s a partnership which offers great synergies.”
Paul Nolan, AXA Ireland’s broker director, said: “It’s a great fit for AXA, further extending our reach in the motorcycle market and we look forward to the success that this will bring for both AXA and Principal Insurance.”
Existing Principal policyholders are unaffected by the change. Cover already provided by Zenith and Tansar will remain in place for the policy term and renewals then offered through Axa.