AmTrust International (AI) created a new general managing agent (MGA) specializing in mortgages and credit, Qualis Credit Risk, earlier in the year and its existing mortgage and credit activities were transferred. in Qualis.
Over the past few months, the MGA has been working on its strategic growth plans in Europe and the UK.
Qualis Credit Risk written on AI paper and is 100% owned by the AmTrust group. It is made up of two entities, Qualis UK Ltd, mainly focused on UK activities, and Qualis Europe Srl, focused on European activities.
Qualis has already been active as MGA in Italy, recently finalizing a new capital relief transaction on a € 1.3 billion portfolio of high LTV mortgages issued by Intesa Sanpaolo.
Qualis helped create the structure of the deal and coordinated the panel of insurers to successfully close the deal, working with Intesa’s Active Credit Portfolio Steering team and the corporate and investment banking divisions of ‘Imi.
Patrick Bamford, Global Head of Qualis, said: “The creation of the MGA has opened an exciting new chapter for the Qualis team and we are delighted that AmTrust is committed to providing sufficient capacity to help us generate growth in this sector.
“The activity is already well underway, as evidenced by the recent capital reduction operation carried out by our Italian team and this is only the beginning of what we believe to be a very successful operation. “
The Qualis team has 20 years of experience in the UK and European markets – the team originally started at Genworth Financial – and the company was acquired by AmTrust Financial Services in 2016.
In the UK, Qualis primarily provides mortgage indemnity insurance to building societies, banks and other financial institutions. In addition, Qualis will pursue other opportunities in different areas of the financial services market, such as creditor insurance in the UK and across Europe.
Qualis is part of a stable of MGAs within AmTrust International which includes Arc Legal Assistance, Car Care Plan and Collegiate Management Services.
Qualis continues to work with the existing list of AmTrust Mortgage & Credit Risk clients with a “business as usual” approach. Insurance is necessary so that customers can offer a range of high value mortgages (LTVs) to borrowers.
Qualis has been appointed by UK and Irish carriers AmTrust International to bind coverage, underwrite, rate, settle claims and manage business relationships on behalf of AmTrust Europe Limited and AmTrust International Underwriters DAC. Qualis also intends to work with non-AmTrust carriers to tailor specific products to the needs of its customers.
Bamford added: “For existing customers, business has gone as usual and as far as how we look to the future, this MGA allows us to continue the quality of service and product offering. for which we have become famous. We have the most experienced team in Europe in this sector and this gives us a unique offering in the credit risk market and helps us develop a much stronger overall proposition.
“We have been discussing with existing customers the creation of Qualis for some time, outlining what it means for them, while highlighting our ambitious growth plans in the UK by helping existing and new customers secure the products of risk mitigation they need to grow their lending business.