Rokstone launches new portfolio in ‘booming' contingency market

Speciality re/insurance MGA Rokstone, part of the Aventum Group, has launched a new contingency portfolio with exclusive backing from A rated carriers. David Boyle says the ‘contingency business is booming’.

Rokstone is launching the contingency account initially in the UK and Europe with plans to expand in other regions including North America in 2024. It expects to grow the niche portfolio to over £30 million GWP in three years.

Rokstone currently underwrites $1 billion GWP in several specialty lines including marine, aviation, direct & facultative property, treaty property, construction & engineering, liability, agriculture, A&H, and now contingency.

The company’s appetite for contingency includes event cancellation, death, disability & disgrace, transmission failure, media business, ticket refund, some non-appearance and bespoke, complex risks.

David Boyle, portfolio manager for contingency and managing director of special risks at Rokstone, said: “We’re seeing a boom time in Contingency, there’s higher demand for the product than in pre-Covid times. Despite inflation and the cost-of-living crisis, consumer spending on ticketed events and entertainment hasn’t reduced. But it remains a volatile area of the market.

“During Covid Contingency was the biggest contributor to Lloyd’s 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.”

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