Lutine Assurance Services has announced its launch into the long-term protection market. The Lloyd...
Lutine Assurance Services has announced its launch into the long-term protection market. The Lloyd's underwriter, which specialises in providing a range of life products to UK intermediaries, is offering level term and mortgage protection cover for terms of up to 20 years, at sums of up to £1m.
Until recently, Lloyd's underwriters were unable to offer cover in excess of 10 years under Lloyd's rules. Lloyd's gave dispensation to life syndicates last year, allowing the writing of business to 25 years, but in order to do that, syndicates need to address the issues concerning minimum reserves. Lutine has entered the long-term market by co-operating with an insurance company.
Shaun Murphy, marketing manager for Lutine, explained: 'We have the paperwork with MGM Assurance. The structure of the deal is that they are the cover holders and we do the administration and underwriting. We are a service company and although we are part of Lloyd's, we are at liberty to make these agreements.'
Lutine is part of Cassidy Davis Insurance Group, the specialist personal lines division of The St. Paul at Lloyd's.
