Co-op’s partnership with underwriter sees expanded commercial insurance product offering

Co-op Insurance has selected Lloyd’s broker Miles Smith Insurance Group as its commercial partner in a bid to provide a greater range of commercial insurance products in one place.

The agreement came after the co-op realised its insurance offering, provided by Aviva, did not meet the needs of business customers.

Miles Smith has appointed Aviva as its principal underwriter, but Co-op Insurance will assess customers’ needs on an individual basis to provide the right expertise and proposition through a network of insurers and underwriters.

Meanwhile, Miles Smith will offer packaged products to small and medium-sized businesses, and tailored solutions to large corporations and organisations.

Businesses that can benefit include those in the building trade, hospitality, landlord and retail sectors. Miles Smith will also offer products to business owners who require cyber cover or have specific one-off insurance requirements.

“As part of the business’s transformation journey, we have been assessing the range of products we offer to customers and members, and how we do this,” said Colin Butler, head of partnerships at Co-op Insurance.

“We recognise that business requirements change over time and the relationship with Miles Smith means we can now work with businesses irrespective of their size, trade or industry, offering commercial insurance to the majority of business owners in the UK.”

Paul Chainey, chief executive officer at Miles Smith, said the company has worked closely with Co-op Insurance and added: “We share co-operative values and are customer service driven so we are very pleased to support Co-op Insurance in extending the scope of business insurance it offers and we look forward to being part of the Co-op’s customer journey as a trusted partner.”

Broker distribution director at Aviva, Fraser Edmond, said the company was “delighted” to be continuing to work with Co-op Insurance.

• More information on business insurance with Co-op can be found on its website.