May Sun 20, 2012, 1:54 AM

It has recently been widely reported in the insurance press that Groupama Insurance have put their UK business up for sale following Standard & Poor’s re-rating of their credit to BBB- , which is one above junk.

Recent reports have also suggested that broker confidence in the company is low with many brokers being unable to recommend an insurer who has a rating of this level.

We are fully aware that brokers are looking to transfer their business away from Groupama at renewal, however; this may not be a simple process with alternative insurers offering different premium levels to which customers have been paying.

At Vasek we value the support of our agents and have decided to offer a renewal price match guarantee on any business which is transferred to us.

With immediate effect we will accept all renewal business transferred to us from Groupama at their invited renewal premium.

To benefit from this simply obtain a quotation in the normal way from our online systems. You will be quoted our standard premiums, however; when you proceed with cover, at the end of the statement of fact simply click the “Additional Information Box” and enter “Groupama renewal transfer” along with the relevant renewal premium. We will then process the risk at the premium you have requested.

There is no reduction in the cover we will offer as our standard policy wordings will apply. For all tenanted properties the customer will benefit from our 5 Star Defaqto rated policy providing wider cover than they would have had previously.

The terms of this offer are as follows:-

1. A copy of the expiring renewal notice will be requested for our files
2. No material changes to the expiring policy
3. Property must have been claim free in the past 12 months
4. Only available on residential & commercial property renewals
5. The policy must be a risk we would normally accept
6. The Property must not be located within our high risk flood area *

* This will affect less than 1% of properties to be covered. Full details of our high risk flood areas can be found in the flood checker. Cover will still be offered but flood cover would be excluded.

We hope this offer is of benefit to you and your customers. If you have any questions please do not hesitate in contacting us.

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