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15 Aug 2024

Flexing the benefits of the new Flex Insurance Agreement with Lloyd’s

Following our recent announcement that Flex Insurance is changing its security arrangement, we are excited to provide more details of our new capacity agreement with Lloyd’s, which will take effect (for new policies with total sums insured up to $25 million) on September 1, 2024.

Since its inception almost 5 years ago, Flex Insurance has become a leading provider of residential strata insurance in Australia. This new agreement marks a transformative step in our commitment to delivering great service and innovative solutions to the strata insurance market in Australia.

Why does Flex have a new Agreement?

The Australian strata market has been seeking more diverse and competitive options, and Flex Insurance is poised to meet this demand through this new agreement with Lloyd’s. This relationship is designed to bring additional capacity to the market, provide our clients with greater pricing and underwriting variation, as well as the potential of an expanded product suite that caters to the evolving needs of residential and commercial strata properties.

Why Lloyd’s?

The new Lloyd’s agreement allows Flex Insurance to leverage the world’s largest insurance and reinsurance market. This collaboration grants us access to a wealth of global expertise and resources, enabling us to offer enhanced solutions that are tailored specifically for the strata market.

Will the QBE Agreement continue?

Flex will maintain its strong and long-term partnership with QBE, one of Australia’s largest and most respected insurers who will continue to underwrite Flex’s larger risks above $25million total sum insured.

How is the capacity split between Lloyd’s and QBE?

Key Benefits for Brokers and Clients

With this new agreement in place, Flex clients will have:

  • Access to greater capacity along with more diverse and competitive pricing options in the strata market.
  • Access to an expanded product suite that addresses specific strata needs with tailored coverage options.

What’s Staying the Same

While we are making significant advancements, it’s important to highlight that many aspects of our service remain unchanged. Our clients and brokers will continue to experience the same level of customer service, factual underwriting and reliability that they have come to expect from Flex Insurance.

Here’s what staying the same:

  • Quotation Process: No changes in how Flex Insurance residential strata insurance quotes are obtained through StrataTech and SCTP.
  • Underwriting Guidelines: Our guidelines, appetite, and authority levels remain the same.
  • Strata Focus: Continued dedication to strata insurance with no co-lines.
  • Underwriting Team: Our expert underwriting team remains unchanged in their roles and responsibilities.
  • Policy Wording and Terms: No changes* to policy wording or terms.
  • Contact Details: All contact information and terms of trade remain the same.

Key Changes and Enhancements

In line with our new strategic direction, here are the key changes that clients and brokers should be aware of:

  • Underwriting for Larger Risks: Risks above $25 million sum insured will continue to be underwritten by QBE.
  • Underwriting for Smaller Risks: Risks up to a $25 million sum insured will be underwritten by certain underwriters at Lloyd’s.
  • Dedicated Claims Management Team: A dedicated Flex claims team ensures seamless service and prompt resolutions.
  • Separation from CHU policies: Flex will now issue policy terms independently of CHU renewals, reinforcing our autonomy in the market.
  • Partial inclusion in the ARPC Cyclone Pool: Flex will remain in the ARPC Cyclone Pool only for policies over $25M sum insured secured through QBE.
  • Coverage Limitation: No new business will be underwritten above the 26th parallel, focusing our efforts on key markets.
  • New Products: The move to certain underwriters at Lloyd’s will enable the roll out of new Flex products into the future.

A New Chapter for Flex Insurance

With these enhancements, Flex Insurance is entering a new chapter of growth and innovation. Our partnership with Lloyd’s not only strengthens our capacity to deliver flexible strata insurance solutions but also allows us to offer clients greater innovation in our product range and client-focused service.

We are excited about the opportunities this relationship brings and are dedicated to providing our clients with exceptional service and innovative solutions tailored to their unique needs. For more information about Flex Insurance, to obtain a strata insurance quote or discuss how these changes may impact your strata insurance needs, please contact our team.

*"Acts of Terrorism" are excluded from the Flexible Insurance Residential Strata Plan PDS.

CHUiSAVER Underwriting Agency Pty Ltd (ABN 85 613 645 239, AFSL 491113) trading as Flex Insurance acts under a binding authority as an agent for certain underwriters at Lloyd’s and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545), the insurers of the products.

Terms, conditions, limits and exclusions apply to the products referred to above. Any advice contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to purchase the product or to continue to hold the product we recommend that you consider whether it is appropriate for your circumstances and read the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be which can be viewed on this website or obtained by contacting Flex Insurance directly.

Flex Insurance is a wholly owned subsidiary of CHU Underwriting Agencies Pty Ltd (ABN 18 001 580 070, AFSL 243261) (‘CHU’). CHU is a wholly owned subsidiary of Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’). SGL may receive a professional services fee (‘PSF’) from insurers, premium funders and underwriting agencies such as Flex Insurance and CHU (‘Partner’) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.

Flex Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them. SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.

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