London, 10 April 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies, has been appointed by Harrington Bates to underwrite a portfolio of staff absence insurance for schools, academies and colleges throughout the UK.
The impact of staff absence can be financially costly, disruptive and time-consuming for the education sector. Estimates indicate that teachers’ sickness absence equates to over £500 million of lost time every year*. The Vecta cover, underwritten by Aspen Insurance UK, is designed to mitigate the financial risk and minimise the disruption that schools and colleges face as a result of absences.
Harrington Bates is one of the longest standing providers of staff absence insurance to the UK education sector. Cover under the scheme pays an agreed fixed amount for every day of absence from a chosen waiting day period.
Andy Juggins, Underwriting Partner at Vecta, said: “The UK teachers’ absence and supply insurance market is challenging and competitive. In our view, success is based on bringing together flexible and focused partners, having access to a large pool of data and the support of an empowered underwriter. This new scheme brings all of these factors together.”
Ged Henry, Chairman of Harrington Bates, said: “Because of the potential for financial risk, a responsive claims service is important to our clients. Therefore, a financially stable and committed underwriter is an important aspect of delivering peace of mind to our clients. Vecta has combined this with a responsive and transparent approach that is aligned to our long-term growth strategy.”