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Stella finds 'ideal partner' in car cover switch

Stella Insurance motor policies will be issued by US risk management group Assurant under a new agreement.

Launched in Australia in 2020 by UK entrepreneur Sam White, Stella specialises in motor cover for women. Its vehicle policies were until recently issued by QBE. 

Comprehensive car insurance policies issued after June 24 are distributed by Stella Underwriting as an authorised representative of Virginia Surety Company, which is part of Assurant, the Stella website says.

Before May, policies were issued and underwritten by QBE and distributed by Stella Underwriting as an AR of Insurtech Gateway Australia, which acted under its own financial service licence on behalf of QBE.

Ms White says the new agreement will enable Stella, which also offers travel and pet cover, to meet its growth targets.

“We are delighted to be partnering with Assurant,” she said. “Commercially, their global footprint supports our ambitions. Their focus on tech and innovation makes them an ideal partner for Stella moving forward.”

New York-listed Assurant says it protects 54 million motor vehicles in 19 countries. Its president for Asia-Pacific Hemaka Perera says the collaboration with Stella reaffirms a commitment to expand in the region, including with its new Assurant EV One offer.