Renewed Collaboration between Starpeak and AXA XL at the Helm of Their Partnership in Continuity
In a significant move that reaffirms their strategic alliance, Starpeak has renewed its binder agreement with AXA XL's UK & Lloyd's business for the 10th consecutive year. This long-standing collaboration has enabled both companies to develop market-leading insurance products tailored to the unique needs of the sports and leisure sector.
Originally established as SportsCover Direct in 1991, Starpeak was founded to address a gap in the market for specialist sports insurance. Since then, the company has grown exponentially, with Julian Hucks, Founder and Managing Director at Starpeak, at the helm.
The partnership has expanded over the years to include sports travel and personal accident insurance, among other products. AXA XL's UK & Lloyd's business provides essential underwriting capacity for Starpeak's customer-facing brands: SportsCover Direct and Protectivity.
Andy Brownsell, Commercial Director at Starpeak, expressed pride in the renewal of the binder agreement, noting the potential for continued expansion and enhanced insurance offerings for customers in the sector. The renewal also signifies a commitment to maintaining the strong relationship between the two entities.
Since the partnership began in April 2015, the collaboration has facilitated growth in the sports and leisure insurance sector. In 2024, Starpeak achieved ten times the income from when the collaboration first began, and the partnership has resulted in a GWP increase of over 900% since the first year of trading.
The renewal of the binder agreement comes at a time when Starpeak is planning for future expansions beyond sports insurance. The company is positioning itself at the forefront of the shift in policyholder buying habits towards online purchasing in the sports and leisure insurance sector.
AXA XL's UK & Lloyd's business, with its comprehensive insurance solutions and global resources, plays a crucial role in supporting Starpeak's operations across various sectors. The partnership has been successful in the evolving landscape of the sports and leisure insurance market, contributing to Starpeak's growth and success.
While specific details about the history and evolution of the partnership are limited, the renewal of the binder agreement indicates a continued strategic alliance that likely supports Starpeak's overall business objectives. As the partnership moves forward, both companies are expected to continue developing innovative insurance solutions for the sports and leisure sector.
The renewal of the binder agreement between Starpeak and AXA XL's UK & Lloyd's business is a testament to their continued strategic alliance, fostering growth and innovation in the sports and leisure insurance sector, as they jointly develop market-leading insurance products. This partnership, with AXA XL providing essential underwriting capacity for Starpeak's brands, has contributed significantly to Starpeak's expansion and financial success over the years, resulting in a GWP increase of over 900% since the first year of trading. As Starpeak plans to venture beyond sports insurance, anticipating a shift towards online purchasing in the sector, the collaboration with AXA XL, offering comprehensive insurance solutions and global resources, remains pivotal in supporting Starpeak's operations across various business domains. This ongoing partnership is likely to lead to further innovation and expansion in the sports and leisure insurance market.
