International specialty re/insurance MGA Rokstone has launched a new surety division to expand its underwriting capabilities in the bond market.
The unit will be led by Darren Guymer, who takes on the role of head of Rokstone Surety. It is expected to complement Rokstone’s existing credit & surety treaty division.
Guymer brings over 15 years of industry experience to the position, with previous underwriting leadership roles at First Underwriting and Aviva.
The division’s establishment comes amid increased challenges for the surety sector, which has been in flux since the COVID-19 pandemic, particularly following insolvencies in the construction industry.
“This has made it harder for businesses of all sizes, but especially SMEs, to obtain bonds. However, the market is showing signs of softening and Rokstone is once again leading the way by delivering much needed underwriting expertise and digital prowess to brokers and their clients,” CEO Ian Anson (pictured above) said.
Rokstone Surety is supported by A-rated capacity and aims to offer underwriting coverage across a range of sectors.
Earlier this year, Rokstone launched a US$10 million Lloyd’s-backed facility for directors and officers (D&O) and professional indemnity (PI) coverage targeting financial institutions in the UK, Europe, and the Caribbean.
The launch came alongside leadership changes at the firm, with Anson promoted to global CEO and James Potter stepping into the role of chairman of Rokstone and deputy CEO of Aventum.
In May, Rokstone also introduced five new casualty-focused divisions covering UK and Ireland, international markets, US excess casualty, and the sports and leisure segment. The MGA projected these units would generate more than US$850 million in gross written premium over the next five years.
This year also saw the MGA expanding its facultative property and energy underwriting through a binder agreement with Lloyd’s Somers Syndicates. The deal added support for international property, power, and onshore energy risks, pushing the MGA’s direct and facultative (D&F) portfolio past US$300 million in gross written premium.
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