Victor Insurance UK and Ageas have signed a multi-year agreement to support the writing of £60m GWP over the next five years.

The agreement, which is effective immediately, enables Victor Insurance to leverage Ageascapacity across its product lines that support brokers and their clients in the UK.

This includes offerings within agriculture and third sector, noted Ageas.

Ageas already supports Victor’s contractors’ insurance products.

Commenting on the latest development, Ageas Distribution director Mark Auchterlonie said: “We’ve been telling the market that we’re open to new opportunities to grow our commercial portfolio and this agreement is further evidence of that.

“Victor’s underwriting capabilities and forward-thinking business model plays to our specialist expertise, while further broadening our continued commitment to the commercial market.”

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Victor Insurance UK country managerJohn Stephenson said: “We have had a longstanding relationship with Ageas, an insurer that has a keen understanding of Victor’s business model.

“This new arrangement provides strong financial security and long term stability to our brokers in a period of market uncertainty, as we look to meet Victor’s ambitious growth plans.”

Earlier this year, Ageas partnered with techfirm Tractable to use artificial intelligence (AI) to create complete assessments as well as estimates of vehicle damage.