We are delighted to announce that Building Block PCC Ltd is to sell Tenant Default insurance in Iceland which is our first first deal to be signed in Iceland.
BBI CEO Paul Brierley has announced a distribution deal with Tryggja ehf, one of Iceland’s oldest established brokerages, for a Tenant Default product, which covers landlords in the Icelandic rental property sector, in the event of rent default or property damage caused by tenants.
Brierley said: “We originally developed our specialist portfolio for the UK, however, we are finding that there is plenty of demand for our products across the wider European market, including Iceland.”
He added: “Our Malta domicile has been a significant plus for us because we don’t have to overcome any potential problems arising from Brexit, where issues such as passporting financial services into the European Economic Area (EEA) are high on the government’s agenda.”
Tryggja ehf have a long history of working with overseas Insurers in the Icelandic market, and place both commercial and personal lines business with non-domestic carriers. It holds binding authorities for a number of schemes, and is a sub Coverholder at Lloyds.
Brierley went on to say that he expects Building Block to launch additional niche and specialist products across the EEA market during 2017 and 2018.