QBE has announced a new partnership with Evo Surety in a bid to provide services to the UK SME contractor bond market for the first time.
Under the new partnership, Evo Surety will reportedly be able to issue guarantees of up to £750,000 on behalf of QBE, and customers will also “benefit from QBE’s S&P A+ rated financial strength”.
Additionally, QBE’s UK surety offering has previously focused on medium and larger building contractor customers, but the company said it is looking to widen its offering due to “growing opportunities” in the SME space.
Tom Johnson, UK surety manager at QBE, said: “This partnership is an exciting opportunity that will allow QBE to provide a surety solution to a range of customers that we have previously been unable to service directly.
“Evo Surety is a well-established and highly experienced underwriter in the SME UK contractor bond market and we believe their service levels are a great match to the high standards we expect for our customers.”
Will Bidwell, managing director at Evo Surety, added: “I am very proud that QBE has chosen Evo Surety as its partner in the SME Surety sector and look forward to working with brokers and clients who want A+ Rated Security coupled with quick efficient service.”