Market Lane Insurance Group has launched Back Bay Professional Risks, a new underwriting division offering professional indemnity insurance for consulting engineers and a range of professional service providers in Australia.
The expansion coincides with broader concerns in the Asia-Pacific (APAC) region, where risk leaders have reported uncertainty about their organisations’ preparedness for emerging threats over the next decade, according to a recent WTW survey.
Back Bay will provide brokers with direct access to underwriters, aiming to enhance communication and decision-making efficiency.
Policies will be 100% underwritten by Lloyd’s, with local claims management in place. Coverage will be available for civil liability risks, with policy limits of up to $10 million, along with tailored endorsements.
The underwriting scope includes various professional services, such as:
Other eligible industries include management consulting, recruitment, quality assurance auditing, and market research.
However, certain professions – such as building surveyors, financial planners, mortgage brokers, property developers, and property valuers – fall outside Back Bay’s risk appetite.
“Back Bay’s primary focus is to help our clients get on with the job of applying their professional craft, comforted by the knowledge that the day-to-day exposures posed by the modern construction landscape are understood by their insurer, and ultimately, their business and practices are appropriately protected,” said David Porteous, group managing director.
Back Bay operates as a registered business name under Market Lane Insurance Group Pty Ltd, a wholesale underwriting agency in Australia.
The underwriting team for Back Bay includes:
The launch of Back Bay comes amid rising concerns among risk professionals in the Asia-Pacific region regarding their organisations’ ability to manage emerging risks.
According to WTW’s Emerging and Interconnected Risks Survey, only 29% of risk leaders believe their businesses are well-equipped to handle risks over the next decade. Additionally, fewer than half (48%) of respondents expressed confidence in their organisation’s current risk management strategies.