Vecta appointed for staff absence insurance scheme
10 April 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies, has been appointed by Harrington Bates to underwrite a portfolio of staff absence insurance for schools, academies and colleges throughout the UK. The impact of staff absence can be financially costly, disruptive and time-consuming for the education sector. Estimates indicate that teachers’ sickness absence equates to over £500 million of lost time every year*. The Vecta cover, underwritten by Aspen Insurance UK, is designed to mitigate the financial risk and minimise the disruption that schools and colleges face as a result of absences.
Harrington Bates is one of the longest standing providers of staff absence insurance to the UK education sector. Cover under the scheme pays an agreed fixed amount for every day of absence from a chosen waiting day period.
Andy Juggins, Underwriting Partner at Vecta, said: “The UK teachers’ absence and supply insurance market is challenging and competitive. In our view, success is based on bringing together flexible and focused partners, having access to a large pool of data and the support of an empowered underwriter. This new scheme brings all of these factors together.”
Ged Henry, Chairman of Harrington Bates, said: “Because of the potential for financial risk, a responsive claims service is important to our clients. Therefore, a financially stable and committed underwriter is an important aspect of delivering peace of mind to our clients. Vecta has combined this with a responsive and transparent approach that is aligned to our long-term growth strategy.”
For further information, please contact:
Full Circle Communications
Alex Wise Mobile +44 (0) 7710 665 615
Tel: +44 (0)20 7265 7887
Notes to editors
* Source https://impactus.co.uk/hb/about-us/
Vecta Risk Partners
Vecta provides specialist group and individual Accident & Health coverages, writing bespoke and innovative products and schemes distributed through brokers, affinity groups and e-trading platforms. Vecta is a division of Castel Underwriting Agencies Limited, an MGA formation platform, and has capacity provided by Aspen Insurance UK and Inter Hannover.
As one of the longest-standing providers in the sector, Harrington Bates supply specialist staff absence insurance to schools, academies and colleges throughout the UK.
We offer an insurance policy to protect schools from the costs incurred as a result of staff absences. This helps to prevent schools from exceeding their staffing budget. We don’t believe in offering ‘general’ insurance solutions. Working exclusively in the education sector we know that every school is different. Therefore our policy can be tailored to address the specific needs and requirements of each school.
We are committed to providing trustworthy and financial stable insurance, therefore all our policies are underwritten by Aspen Insurance UK Limited, who have an A rating with the online credit rating agency Standard and Poor’s.
Harrington Bates is a trading name of Harrington Bates (Risk Management) Limited, registered in England number 10564398 and are an Appointed Representative of Absence Protection Ltd who are authorised and regulated by the Financial Conduct Authority No. 499793.
Castel Underwriting Agencies Limited, part of Barbican Insurance Group, is a managing general agent (MGA) and club-style MGA formation platform focused on achieving success and driving innovation through collaboration. It provides experienced and entrepreneurial underwriters with stable capacity and a fast-track route to creating their own businesses. Castel is authorised and regulated by the Financial Conduct Authority.
Castel’s other underwriting cells include:
- Altitude Risk Partners, which underwrites airlines, aerospace manufacturing products, general aviation, war and space business.
- Medical & Commercial International (MCI) which underwrites general medical and pharmaceutical liability business on an international basis.
- Newbridge Risk Partners which underwrites a political violence portfolio focused on emerging markets - MENA, Sub-Saharan Africa, Latin and South America and Asia regions.
- Verve Risk Partners which underwrites US professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
- Castel Specialty which supports talented and entrepreneurial individual underwriters who have smaller books of niche business. The first product to launch was for forestry physical damage insurance.
- Yachtpod Risk Partners provides a ‘one-stop’ shop for superyacht owners, captains, and managers on specialist coverages including hull and machinery, increased value, war, medical expenses, mortgagees interest and loss of charter hire risks, through an exclusive panel of trusted brokers.