Praesidio has been writing business on the Lombard licence since 2014 and will be formally brought into the Lombard fold as a specialist division of Lombard Broker Partners on 1 August 2021.
Praesidio MD Andrew Munro says the move will provide the UMA with new growth opportunities and increased back-office support.
“Being a boutique underwriting agency has its pros and cons,” he says. “Because we’re small, we are able to provide focused and flexible service to our brokers and clients. That aspect of our business will remain the same after the divisionalisation. What will change is our access to additional manpower and larger markets.
“In other words, less time spent on admin will give us more time to spend on building relationships and product innovation.”
Praesidio focuses on so-called human risks, providing personal accident, keyman, kidnap and ransom, crisis prevention and response, business travel and aviation PA insurance.
“People are so much more than assets,” says Munro. “We see regular assets like cars and buildings as two-dimensional, whereas people’s emotions, vulnerabilities, strengths and weaknesses bring an extra dimension to the equation.
“You can’t insure people with a 2D approach; we need to provide 3D products and services.”
This approach will see the Human Risks team applying a people-first approach to all its business activities.
Doug Laburn, head of Lombard Partnerships, says that while the underlying operating structure will change, relationships will remain in place as before.
“Lombard is still backing the team in continuing to deliver value to our PA, K&R and travel clients,” he says. “Working with Lombard Broker Partners allows the Human Risks team to leverage a common infrastructure while focusing on doing what they do best – delivering on innovative human risk solutions to our brokers and clients.”
Daryl De Vos, head of Lombard Broker Partners, says on the surface, things will remain the same.
“From an insurance contract perspective there is little to no change,” he says. “Our brokers and clients will have the same products written onto the same insurance licence by the same ‘Praesidio’ team. Brokers will be able to interact with Human Risks as usual, or through their existing Lombard Broker Partner relationships.
“And to our brokers who have not done business with the team previously, you can look forward to good quality service supported by a professional team that you can speak to at any time.”