We are delighted to announce that our insurer, Accelerant Insurance UK Ltd (AIUK) have been assigned a Financial Strength Rating of A- (Excellent) and а Long-Term Issuer Credit Rating of “a-” (Excellent).
AIUK are the underwriter that sits behind all QANW Insurance Backed Guarantees, so if you are a contractor registered with QANW and provide IBGs, you can be rest assured that your customers are covered for up to 10 years in the event you were to cease trading.
The rating of AIUK follows regulatory approval from the Prudential Regulation Authority (PRA) for the insurer to write a number of additional classes of insurance, meaning more opportunity for QANW and for members!
So, what does this financial rating really mean?
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract responsibilities. Not all insurers have an AM Best Rating and indeed not all providers are subject to the scrutiny and supervision of the UK’s regulator. We’re sure that all contractors would agree customers deserve this security when being protected!
Customer confidence is key and having home improvements backed by a contractor’s 10-year guarantee is extremely important. Providing a further layer of protection with an IBG will not only increase customer confidence, but it also strengthens contractor credibility. All QANW policies are backed by AIUK, giving both you and your customers the security that your IBGs are protected by the only A Rated specialist Insurance Backed Guarantee Insurer in the UK!
AIUK, QANW & You
If all this talk about insurers and underwriters is new to you, QANW want to make it simple. So, here’s how it works:
· AIUK is an insurer that is part of the Accelerant Group, with $1.6 billion in gross premium, across more than 17 countries worldwide, with over 200 speciality products.
· QANW is an insurance administrator for AIUK. We look after all contractor members, issue IBG policies to homeowners, deal with day-to-day queries and also process all claims. Contractors have the relationship with QANW rather than AIUK, but still have the reassurance of being underwritten by a powerhouse insurer.
· You, the contractor have the ability to choose who provides Insurance protection to your customers. With the added security of AIUK’s independent financial rating, we hope that makes QANW the choice for you.
Insurers and administrators go hand in hand, and so do QANW and contractors. We always want to keep our current and any future members up to date. The AM Best news not only brings everyone up to date, but also brings security into the home improvements industry and after such uncertain times the last few years, we believe this is music to everyone’s ears!
Don’t hesitate to contact QANW for more information on IBGs – whether you are already a member, or if you’re looking to join!
Use code ‘BEST’ to apply to QANW for free!
Tel: 01292 268020
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