Managing general agent Avid Insurance has teamed up with MS Amlin Insurance to provide capacity for the public sector right-to-buy leasehold market. The MGA said the move brought choice to a market that has seen significant rate increases in recent years.

Lee Longley, head of commercial at Avid, said: “Avid entering the market with MS Amlin Insurance is good news for councils, who’ve had to respond to large rating increases since 2021-22…. we’ve seen a lot of interest in our leasehold product in Q1 this year.”

Darren White, lead underwriter P&C UK at MS Amlin Insurance, added: “The past three years have been very challenging for local authorities and their leaseholders and we are delighted to be partnering with Avid in this sector. Avid’s knowledge and expertise in this market is well established and we look forward to providing additional choice to local authorities.”

Local authorities buy leasehold insurance to cover flats sold on a long-term lease basis and where they retain the responsibility to insure as the freeholder.