Specialist financial and commercial lines MGA Spring Insure has launched a new commercial professional indemnity (PI) binder for businesses in the UK and Europe.
The new binder will be backed by existing capacity providers Ascot and Aspen, as well as new provider Faraday. The newly formed Casper Specialty is also providing capacity for UK risks.
It will offer primary capacity of £5 million/€6.5 million, focusing on various sectors such as technology, media, marketing, and miscellaneous sectors in both the UK and Europe, as well as traditional sectors in the UK. In addition, it can provide up to £5 million/€5 million of excess layer capacity, depending on the attachment point and risk specifics.
Supported by Spring's London and Dublin offices, the new European offering will focus on Ireland's thriving technology sector, with a technology PI policy tailored to software providers and developers. The media PI product, meanwhile, will specifically concentrate on marketing, advertising, and creative communications firms.
“We are delighted to launch our new Commercial PI binder, which will enable us to better serve our clients in Ireland and the broader European markets,” said Shane Barry, senior underwriter in Spring’s Dublin office. “This expansion reflects our ongoing commitment to providing innovative and tailored insurance solutions to meet the evolving needs of businesses in these regions.”
The launch of Spring’s commercial PI binder comes after the MGA announced plans earlier this year to diversify product lines and grow its capacity to better serve its broker clients.
The new offering also builds on Spring’s existing capabilities, which includes PI for corporate service providers and other non-traditional professions in the UK, Europe, and the Channel Islands.
“Spring Insure is an increasingly attractive prospect for brokers whose clients require robust, comprehensive PI cover which stands up to existing and emerging risks, and we’re proud to now be able to offer this,” said Paula McManus, senior underwriter in the London office.
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