There’s another new kid in MGA (managing general agent) town.
Syndicate Holding Corporation has announced the launch of approved Lloyd’s coverholder Plus Risk, a specialist MGA that will provide management liability insurance. The latest newcomer is backed by support services from Vibe MGA Management (VibeMM) with capacity from Vibe Syndicate Management (VibeSM).
For now, here are the product inclusions:
• Directors & Officers (D&O) liability insurance
• Corporate legal liability
• Commercial crime
• Employment practices liability
• Pension trustee liability
• Public offering of securities insurance
Heading Plus Risk is former Travelers
executive James Rasmussen, with the help of Chubb
veteran Neil Ede who serves as head of management liability.
“I am delighted to announce the launch of Plus Risk and we are very happy to be a member of the Vibe group of companies,” commented Rasmussen, managing director at Plus Risk. “We work exclusively with brokers, delivering straightforward solutions to complex problems.
“Our aim has been to create a unique product in the marketplace, a modular plain language policy wording that caters for businesses in today’s complex world. We recognise the importance of this coverage and feel that our product has achieved the right balance between coverage and practicability.”
VibeSM chief executive Dinah Gately said the MGA’s addition to its financial lines product offering is an important step in enhancing reputation amid a highly specialist and complex market space.
“Plus Risk provides us with the first of what we expect to be several opportunities to offer our MGA incubator and support services to in-house as well as external MGA clients, enabling us to benefit from synergies and to add new revenue streams to businesses across the Group,” noted VibeMM chief executive Danny Maleary.
VibeMM, an independent MGA incubator business, is the third operating pillar of Syndicate Holding Corporation – the other two being Lloyd’s managing agent VibeSM and Inceptum Insurance Company.
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