Aegis London targets around 15% PVT account growth in 2025

By Michael Jones

March 10 - (The Insurer) - Aegis London is targeting around 15% growth in its political violence and terrorism (PVT) account in 2025, class underwriter for war and terrorism James MacDonald told The Insurer.

MacDonald said that recent profitability in the class, and the changing cost of reinsurance in recent years, has created attractive market conditions for incumbents and new entrants.

The PVT market has seen a flurry of entries in the last 12 to 18 months alongside increased appetite for the class from incumbent players. Notable launches include Aviva’s Lloyd’s offering through Probitas 1492 and MGA Crux Underwriting.

Like Aegis London, MacDonald said most of the larger incumbent players will also be targeting double-digit growth for 2025.

New entries, MacDonald said, will be aiming to double or triple premiums written in their second, third and fourth years.

MacDonald added that he does not expect Aegis London's growth expectations to shift if market conditions remain consistent in the coming years.

“Our view is we want to grow this 10% to 15% every year unless there is a market-changing event,” said MacDonald.

The underwriter pointed to a few areas where he had seen increased demand for PVT cover over recent months.

Aegis London has seen a number of requests in the Democratic Republic of Congo. There has been fighting in the east of the country after the M23 rebel group captured a number of cities and mineral deposits in January.

Requests have also come from South Korea, which briefly imposed martial law in late 2024, while MacDonald there was also a growing number of enquiries in the UK.

The Aegis London war and terrorism class underwriter was speaking to this publication after its February launch of a $100 million political violence Lloyd's consortium.

Aegis London has previously written its entire PVT book from its own balance sheet. MacDonald suggested this panel would allow the Lloyd’s insurer to differentiate its offering and grow market share.

The consortium is focused on a range of sectors including retail, industrial, leisure, financial, logistics, transport and construction. MacDonald told this publication its territorial scope was global, with few excluded territories.