Rokstone has announced the debut of its new contingency portfolio with exclusive backing from A-rated carriers.
The company has set its sights on initially rolling out the contingency account in the UK and Europe, with an expansion plan that includes North America by 2024. Rokstone aims to cultivate this specialized portfolio to exceed £30 million in gross written premium (GWP) within the next three years.
The account’s coverage spans a range of areas, including event cancellation, death, disability and disgrace, transmission failure, media business, ticket refund, some non-appearance cases, and bespoke, complex risks.
David Boyle, portfolio manager for contingency and managing director of special risks at Rokstone, shared insights into the current market dynamics. The contingency sector is experiencing a significant upswing, with demand surpassing pre-Covid levels. Despite the ongoing inflation and cost-of-living crisis, consumer spending on ticketed events and entertainment remains resilient. However, Boyle also acknowledged the inherent volatility in this market segment.
“During Covid, contingency was the biggest contributor to Lloyds’ total losses and carriers are rightly cautious. Wordings are restrictive and prices have risen by up to 400% in some areas. We’re delighted to launch our contingency account with a same-day quote turnaround for brokers. Our appetite for this business is niche, well considered and data driven, and securing this facility highlights how carriers know and trust our expertise in this market,” Boyle said.
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