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KGM pledges commitment to brokers
28 Jul 08
KGM Motor Insurance, a specialist provider of motor insurance products to niche markets, today pledged its support to its broker partners by announcing that it will be absorbing recent increases in costs applied across the market by Open GI following a review of EDI transactions.
Active Underwriter Colin Hart comments: “While we weren’t surprised to see Open GI up its costs, we were disappointed at the level of the increase applied. We are extremely conscious, however, of the potential impact any increase in the costs faced by our supporting brokers could have on their businesses during not only challenging economic conditions but also a highly competitive marketplace. After careful review, we have decided not to pass on any rise in cost either by way of a base rate increase or reduced commissions. Rather KGM will take the hit itself.”
Colin goes on to say: “I’m sure this increase has been the subject of much debate around the board tables of insurers and brokers alike. KGM, however, is in the fortunate position of having consistently bucked the trend in the motor market over recent years through our solid underwriting stance, and so we are able to continue to work with Open GI without penalising those brokers using its services.”
KGM Motor Insurance has been providing brokers with a range of specialist motor products including cover for classic cars and motorcycles for over 50 years. It was the first Lloyd’s underwriter to launch multi-vehicle cover in 2005 and continues to innovate in the introduction of new niche motor insurances.
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