Managing general agent Phoenix Specialty has secured A+ (Standard and Poor’s) rated capacity for its UK contractors’ all risks and contractors’ plant and equipment propositions. The capacity adds to its existing capacity deal with Axa Insurance UK and will enable Phoenix to widen its underwriting appetite.

Phoenix said probable maximum losses of up to £50m would now be available on a case-by-case basis for both annual and single project risks in the UK.

In addition, Phoenix has secured Lloyd’s capacity support on a prior submit basis, for erection all risks business within Lloyd’s of London-approved territories.

Tim James, CEO of Phoenix Specialty, said: “This is a significant milestone for Phoenix and gives us further opportunity to expand our offering and better support our broker partners.

“The additional backing we’ve secured, on top of our existing capacity arrangements is testament to our focus on delivering a high-quality, dependable service, underpinned by the depth of underwriting expertise across our team.”