Target Market and Product Fair Value Statements

Page last updated: 05/01/23

The Financial Conduct Authority (FCA), in its Policy Statement (PS21/5) has introduced new rules on general insurance pricing practices (GIPP) and these became effective on 1 October 2021 and 1 January 2022. We explain here how Aro Underwriting, as a product manufacturer / co-manufacturer, intends to fulfil the requirements on demonstrating product value.

Aro are committed to improving outcomes for policyholders and have in place processes to assess risk and value. Provided below is information about our products. This information includes, but is not limited to, details on the intended markets of the products and their Fair Value Assessments (see below).

Allied World Assurance Company Europe (dac)

Brit Syndicate 2987

Legal Protection Group Limited

ERGO UK Specialty Limited

Aro Underwriting
Fair Value Assessments

Fair Value Assessments for products are undertaken by Aro on a regular basis, to ensure that our products continue to offer value for money to the intended policyholders, and that they perform as expected.

The categories for fair value assessment are per Aro Product Approval Template (APAT) below.

Aro Underwriting
Costs in Our Distribution Chain

To ensure oversight of the distribution chain, Aro also compile and review information relating to fees (and other charges) charged by brokers on Aro products which they distribute.

We require support from all brokers in providing us with information on fees and other costs that are associated on our products.

Please see below link to our Fair Value Form, which we require to be completed and returned to us via email to:

enquiries@aro-underwriting.com 

Fair Value Form

General Insurance Pricing Practice GIPP Fair Value Form

If you have any queries contact:

enquiries@aro-underwriting.com