Hagerty International, American-based classic car insurance broker, recently announced that it had struck a deal with Hiscox in order to provide capacity for the UK insurer to begin its launch of new kinds of classic car insurance cover in Britain.
The Hiscox-Hagerty partnership is inaugural, marking the first partner venture for Hiscox in terms of offering classic motor car insurance. While Hiscox launched a high value car insurance product two years ago through a selection of brokers, classic car insurance is nothing new to the insurance provider, which has been making classic car cover available to its customers for the last decade and a half.
The newly announced deal between Hagerty International and Hiscox will enable both car insurance groups with the ability to come together in order to offer a wider range of products for drivers that own classic cars.
Hagerty International’s managing director Angus Forsyth released a statement in conjunction with the partnership announcement, stating that Hagerty’s plans for future growth perfectly coincide with the new arrangement with Hiscox, which has clearly demonstrated high levels of expertise and a thorough understanding of both the classic car market and Hagerty’s product offering.
Hiscox motor insurance division head Ashley Cole also commented on the new partnership, expressing the company’s delight to begin their new relationship with Hagerty International. Cole further commented that Hagerty has an excellent client base which nicely fits, tongue in groove with both Hiscox’s existing car insurance business offerings and also with the company’s demonstrated expertise in the classic car insurance marketplace.
Hiscox, a Lloyd’s underwriter, is incorporated in Bermuda and listed on the London Stock Exchange. Hiscox was founded over 100 years ago and specialises in high-value insurance cover for such assets as high asset real estate and fine art in addition to classic cars.