Residential strata specialist Flex Insurance has entered into a “significant underwriting binder” with a Lloyd’s syndicate for policies with sums insured up to $25 million.

The arrangement takes effect from September 1 and complements capacity from existing provider QBE, which will underwrite strata policies with sums insured of $25 million and above.

“We are thrilled to welcome Lloyd’s as a new capital provider alongside QBE,” Flex GM Frank Scamarcia said. “This positions us for sustained growth and innovation.”

The agency will continue to provide brokers, strata managers and strata owners with an innovative product that meets their needs and is adaptable to the evolving market, he says.

Flex was launched in 2019 when CHU Underwriting Agencies rebranded its CHUiSaver digital business.

With Lloyd’s underwriters securing its small to medium strata policies, Flex says it will continue to grow and develop products and services for the strata market in Australia. 

“This underwriting capacity further strengthens Flex Insurance’s position as a dynamic player in the insurance industry,” CHU CEO Kimberley Jonsson said. “It also empowers our customers with greater choice and flexibility when it comes to selecting a strata insurance policy.”

Steadfast acquired CHU from QBE in February 2015, with the deal including an initial 10-year capacity agreement. A new long-term agreement with QBE was announced last month.

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