Insurance advisory and tax service giant Price Waterhouse Coopers (PwC) have agreed a significant partnership deal with Bishop's Cleeve-based PoloWorks.

Last March, PoloWorks, which offers services that include underwriting support, compliance and regulatory, accounting and claims management, signalled its intention to move 300 staff in the wake of the Pandemic into the first floor of Grange Business Park's biggest building, The Grange. The deal took a 10-year lease for 14,000 square feet of occupation.

Almost exactly a year later, the new deal with PwC UK heralds what the two partners call "a strategic relationship in the insurance services market".

The creation of PoloPartners sees the alliance of PoloWorks as a member of the Marco Capital Group with PwC, which is an alliance of firms in 157 countries, across 742 locations and with staff totalling 328,000.

Richard Lawson, CEO of Polo Commercial Insurance Services, said: "PoloPartners epitomises our commitment to innovation and client-centric solutions, leveraging cutting-edge technology and industry expertise. The seamless combination of PoloWorks' Regulated platforms and service resources with PwC's insurance practice, which brings scale, market insight and a reputation for quality and technological innovation to the partnership, provides PoloPartners with an unparalleled customer proposition – adding value to the insurance market."

He added that the agreement will enable a "bespoke, tech-enabled, differentiated offering – a unique end-to-end service."

An early focus for PoloPartners will be Captive solutions for corporate clients, where Lloyd's is an attractive venue with its recently introduced Captives initiative. Clients of PoloPartners, the company said, will benefit from PoloWorks' proven track record alongside PwC's leadership in the insurance market.

A spokesman added: "PoloPartners will provide tech-enabled end-to-end insurance management services, covering services such as actuarial, claims management, risk and compliance, finance (and more) - delivered through the two firms' extensive and complementary teams.

"With continued regulatory scrutiny on outsourcing models and relentless cost pressures, we understand the challenges encountered by the industry and the necessity to ensure confidence in any outsourcing relationship."

Alex Bertolotti, Head of Insurance at PwC UK, added: "This partnership is an exciting opportunity for us to create value for our clients in a new way and is fully aligned with our strategy to work with insurance businesses to help solve challenges, build trust, unlock value and transform. We are particularly excited to be working with PoloWorks on this journey, who are a respected and growing player with a strong track record."