GAP InsuranceVisit Novus Underwriting
Guaranteed Asset Protection Insurance (GAP) insurance is designed to protect your customers against a financial shortfall in the event of a total loss due to fire, theft, accident or physical damage of the vehicle. Our GAP insurance covers the shortfall between the insurance company pay-out in the event of the vehicle being written off and the original invoiced purchase price, with a product tailored to suit your client.
Our portfolio managers have a wealth of experience in their niche line of business and combine this with a dedication to helping our broker partners win and retain more business.
Chief Underwriting Officer, Novus Underwriting
John McGonigle is the Chief Underwriting Officer at Novus Underwriting. His main responsibilities include the profitable development and management of the warranty and consumer products portfolio underwritten on behalf of Novus’ capacity partners.
He has worked within the insurance industry since early 1991, mainly within the London market (both company and Lloyd’s). His focus since 1997 has been on the underwriting of warranty and associated consumer insurance products, both in the UK and on an international basis.
Outside of work he has undertaken a number of personal and team challenges for charity, including rowing the English Channel, riding the off-road London to Brighton route and climbing the three peaks.
“The opportunity for me to join Novus came at a perfect time - despite the product lines written delivering consistent underwriting returns, appetite in the London market is limited and these past few years has become scarcer with carriers pushing more capacity away and into trying to improve results from more traditional lines of business. Brokers and clients need to be confident that their underwriting partner is committed to supporting their business over the long term, and for me it was clear that Novus delivers.”
COVERAGE AND LIMITS
We are committed to always providing clear detail on our specific risk appetite to allow you to better understand our underwriting proposition.
Our wider teams are made up of leading underwriters and dedicated suppport staff to ensure that your experience working with us is forever a positive one.
General Manager – Asia
Terence Fung is the general manager for Asia at Novus Underwriting. He is based in Hong Kong and responsible for development in affinity business (warranty business) focusing on the Asia Pacific region. He manages Novus Representative Office in Hong Kong.
He has more than 30 years’ experience in the insurance industry, working within several insurance companies, reinsurance companies and reinsurance brokers, and is familiar with the reinsurance market worldwide, particularly the Asia Pacific region.
Outside of work Terence enjoys playing tennis, and watches Premier League football games – he is a big fan of Arsenal.
“Novus has been a huge success, and I am glad to share with friends and stakeholders the experience I have gained from it.”
Senior Underwriter, Novus Underwriting
Grant McMorrow is a senior underwriter at Novus Underwriting. Grant specialises in sourcing, underwriting and managing multiple product lines across the broad spectrum of ‘specialist consumer products’ for our various capacity partners, focusing predominantly on warranty style business.
Grant previously worked within the Lloyd’s market, working for multiple managing agencies spanning the last 13 years. In that time he helped manage and develop multiple key relationships in the warranty space – helping the book to grow to one of the largest within Lloyd’s.
Outside of work Grant has a young family, but when time allows he enjoys playing and watching multiple sports, as well as walking his beloved dog.
“The opportunity to join Novus, and to work in an environment that not only places our specific class of business front and centre, but also provides the core support framework needed for our business partners was simply too good an opportunity to ignore.”
Underwriting Analyst, Novus Underwriting
Charlie Ward is an underwriting analyst at Novus Underwriting.
Charlie joined Novus in March 2021 having previously spent two years as a DUA Technician at Meridian RSL.
Outside of work Charlie likes to watch any kind of sport, in particular football. To keep active he would usually play football twice a week, before COVID-19 came along.
“The job opportunity at Novus aligned with the progression I wanted in my career in terms of taking on an analytical role within insurance and the company sounds very progressive and focused on improving month on month.”
Underwriter, Novus Underwriting
Jamie Stoneley is an underwriter at Novus Underwriting.
Jamie joined Novus in February 2021, having previously spent over six years with Canopius Managing Agents mostly writing business covering individuals financial commitments or income if they are unable to work due to accident, sickness, or if they are unemployed.
Outside of work Jamie describes himself as a bit of a ‘fitness freak’ and can often be found on his bike. Despite not being a rower, or even interested in rowing, he has previously rowed the English Channel and around the Isle of Wight.
“I had worked with some of the Novus team in my last role and so jumped at the chance to come and work with them again. I also like the growth aspirations of the wider company and want to play my part in helping achieve those goals.”