Starpeak is pleased to announce the renewal of its long-standing binder arrangement with AXA XL’s UK & Lloyd’s business, marking the 10th year of a successful partnership that has facilitated growth in sports and leisure in the insurance sector. Since April 2015, Starpeak and AXA XL’s UK & Lloyd’s business have worked collaboratively to expand product offerings, providing industry-leading coverage for personal trainers, sports clubs, coaching businesses, and more.
Over the past decade, this partnership has played a pivotal role in Starpeak’s expansion. 2024 saw unprecedented growth to achieve ten times the income from when the collaboration first began. This tenfold growth, representing a GWP increase of over 900% since the first year of trading, reflects the sustained upward trajectory that underscores the consistent and growing demand for specialised insurance solutions and stands as a clear testament to the strength and success of the partnership.
A legacy of growth and innovation
The partnership between Starpeak and AXA XL’s UK & Lloyd’s business began in April 2015 with coverage for personal trainers, sports clubs, and coaching businesses. In late 2017, the portfolio expanded to include sports travel and personal accident insurance. Since then, the companies have continued to innovate, developing these initial products further and adding others to the Starpeak portfolio to better serve the evolving needs of the sports and leisure industry. AXA XL’s UK & Lloyd’s business provides essential underwriting capacity for both of Starpeak’s customer facing brands: SportsCover Direct and Protectivity, enabling Starpeak to offer a wide range of tailored insurance solutions across these brands.
The significance of this new binder extends beyond providing capacity for the next 12 months; it reaffirms the relationship and represents a continued commitment to expanding and enhancing insurance offerings for customers in the sector.
“We are proud to renew our binder agreement with AXA XL’s UK & Lloyd’s business for another year,” said Andy Brownsell, Commercial Director at Starpeak. “This renewal continues a long-standing and highly valued partnership that has been fundamental to our growth. AXA XL’s UK & Lloyd’s business’ continued support not only provides secure and stable capacity but also empowers us to confidently invest in the development of new products and services. As we look ahead, this relationship remains central to our long-term strategy, enabling us to expand our specialist offerings and drive sustained growth in a rapidly evolving market.”
Paul Thomas, Head of Sports, Media and Entertainment, AXA XL’s UK & Lloyd’s business, commented:
“The collaboration between Starpeak and AXA XL’s UK & Lloyd’s business has been a hugely successful partnership, in the evolving landscape of the sport and leisure insurance market. Whilst underwriting in this sector for the past 25 years, I have witnessed a significant shift in policyholder buying habits towards online purchasing, which has necessitated innovative approaches to insurance distribution and product development.
Starpeak’s position at the forefront of this change highlights their ability to leverage technology, underwriting expertise, and effective marketing strategies, allowing them to rapidly expand their customer base. This partnership has enabled both companies to develop market-leading insurance products tailored to the unique needs of the sport and leisure sector, which not only requires specialised knowledge and insight, but also an ability to deliver market leading products to the consumer.”
