We are thrilled to announce that Absence Protection have agreed a long-term extension to our partnership with Great Lakes Reinsurance (UK) SE, part of Munich Re (Group) until 2020.
Munich Re and Great Lakes both have a credit rating of ‘AA-’ by the rating agency Standard and Poor’s, the highest of any provider in the staff absence insurance market.
All of our policies are underwritten by Great Lakes Reinsurance (UK) SE, part of Munich Re (Group). Munich Re operates in all lines of insurance, with almost 45,000 employees throughout the world. With premium income of around EUR 28 billion from reinsurance alone, it is one of the world’s leading reinsurers. We are the only staff absence insurance company to offer policies from an ‘AA-’ rated insurer.*
Unlike Absence Protection, many staff absence insurance providers could be deemed to be using a financially insecure underwriter with a poor credit rating. In turn, this can often leave providers without the capacity to pay claims, forcing schools to try and recover their money from the Financial Ombudsman scheme. Moreover, companies that are operated and regulated outside of the UK, such as Gibraltar and Denmark, may not have the same high standards required as those working within the UK.
We take leadership in addressing this issue and are always open and honest about the location and stability of our underwriter. This agreement brings an unrivalled financial stability to our policies and provides our clients with confidence in our ability to pay their claims. Great Lakes Reinsurance (UK) SE is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The above details can be checked on the Financial Services Register. Absence Protection is authorised and regulated by the Financial Conduct Authority, our registration number is 499793.
At present, we offer the most extensive range of cover in the market. This includes everything from offering unique maternity benefit options, to market leading occupational health and wellbeing support provided by APL Health. However, this renewed partnership allows us to continue to refine, tailor and increase the scope of our cover to ensure it caters to exactly what schools want, and will be at the forefront of the launch of our exciting new policies in January 2017. It also demonstrates our commitment to providing transparent and financially secure insurance that really makes a difference to our schools.