WELCOME NEWS FOR THE IRISH MOTOR INSURANCE MARKET

AS PATRONA UNDERWRITING ANNOUNCES NEW CAPACITY

The Irish market will benefit from an injection of additional insurance capacity in the next quarter as Patrona Underwriting partners with Alwyn Insurance Company (Alwyn) in a substantial capacity deal. Alwyn is a wholly owned subsidiary of Arch Reinsurance Ltd, the Bermuda based reinsurance provider rated A+ by Standard & Poor’s, Fitch Ratings, A.M. Best and A1 by Moody’s. 

Alwyn is based in Gibraltar and is regulated by the Gibraltar Financial Services Commission. Alwyn will provide the capacity for Patrona’s successful Flexi-Car propositions in future. 

This increased capacity will further enhance Patrona’s strong position in the market whilst offering tangible product choice to brokers for their clients. 

Patrona’s existing capital providers will continue to support their Flexi-Van propositions and other separate product lines enhancing Patrona’s commitment to delivering added value and diversity of choice within the Irish insurance landscape. 

Patrona expect to announce further news of upcoming new products provided in partnership with existing and additional new capacity partners in the coming months 

The  expectation  is  that  the  new  product  portfolio  structures  will  commence  trading  in  early December 2016. 

In summary these new arrangements will place Patrona with sufficient capacity to continue supporting our growth and diversity plans with our broker panel throughout 2017 / 2018 and beyond.

Patrona Underwriting Limited is regulated by the Central Bank of Ireland

December 2016 | Page 1 of 1