Coverage options expand as insurer steps into personal lines gap
General insurance provider Paymentshield has announced a new partnership with AmTrust Specialty Limited, expanding its tenants’ contents insurance panel amid ongoing challenges in the personal lines market.
AmTrust Specialty, a subsidiary of AmTrust International and part of global insurer AmTrust Financial Services, Inc., joins existing panel members Tradex and Allianz. It is considered to be one of the largest global underwriters in niche insurance and provides tailored coverage for the residential lettings market.
A news release highlighted that the move aims to strengthen Paymentshield’s ability to offer competitive insurance quotes to a broader range of tenants. It also supports the company’s strategy to build resilience as other insurers retreat from the personal lines sector.
The company noted that the addition comes as Paymentshield continues to experience growth in the lettings sector, with record new business sales reported in 2024.
“We conduct extensive due diligence on our insurer partners and only select the very best to join our panel,” said Rana Ali (pictured), director of distribution for lettings at Paymentshield. “We’re delighted to see AmTrust join our panel, as they’re an experienced insurer with first-rate customer service should tenants need to make a claim.”
Ali added that the company expects continued development of its insurance offerings, aiming to provide stability and competitive pricing. “It makes us the partner of choice for distribution partners who want to add value to their clients by offering quality protection, and who share our goal to close the tenants’ insurance gap,” he said.
This latest development follows enhancements to Paymentshield’s tenants’ contents insurance policy, including coverage for up to £10,000 in damage caused by pets to a landlord’s property. The product has also earned a five-star rating from Defaqto for the seventh year in a row.
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