A bold decision by a not-for-profit association to launch its own underwriting agency has opened up new opportunities for brokers.
NSW Meals on Wheels last week launched Community Underwriting, a niche agency backed by Calliden and dedicated to insuring not-for-profits around the country.
Covers on offer include public liability, business packages, commercial motor, volunteers’ persona accident and association liability. It is being headed by General Manager Paula Cruden, formerly a Senior Underwriter at Celestial Underwriting Agency.
Meals on Wheels has been involved in helping other not-for-profits find affordable cover for more than 25 years, helping set up the CRISP (Community Related Insurance and Superannuation Program) insurance facility, which was managed by Willis, with more than 700 clients and $2.4 million in premiums annually.
CRISP has now been replaced by Community Underwriting, which is open to the wider broker market.
The agency has a novel business model, in that clients with more than $50,000 in gross premiums are eligible to become shareholders in the company.
Furthermore, 70% of the agency’s annual surplus will be returned to shareholders on a per-share basis. Smaller associations are also able to apply for grants from an annual donation pool.
More information can be found here.