ArgoGlobal launches D&O underwriting platform
Specialist European insurer ArgoGlobal has launched an underwriting platform aimed at offering directors and officers liability (D&O) products to the German small and medium-sized enterprises (SME) market.
ArgoGlobal Business Connect (ABC) has been developed in response to the growing demand for specialist D&O products in Germany and across the European SME sector.
The platform will be extended across Europe and broadened to include further products.
ABC offers a platform from which brokers can rapidly provide D&O cover to companies, with turnover up to €200 million.
The initiative will allow ArgoGlobal to extend its offering in the SME market by providing cover which aligns with its existing specialist products.
Fabian Ritzau, ArgoGlobal underwriter, said: “Demand for D&O has grown rapidly in the German SME sector driven by a combination of more stringent legislation, an increasingly empowered regulator and a more vocal and active shareholder and stakeholder base.
“Buyers have become more and more aware of their exposure and over 70 percent of D&O purchasing in the SME sector is now from first time or recent buyers. However, with only 30 percent of the market currently protected against D&O liabilities there is vast scope to furnish this growing need.
“The ABC portal has been developed in reflection of this demand and the requirements of our broking partners, allowing us to provide a service which goes far beyond anything else available”.
Magnus Heimann, head of professional lines, Europe, added: “The ABC platform represents a logical evolution of our offering, acknowledging the shift in the risk landscape across Europe.
“By utilising cutting-edge technology and working with our broking partners we have developed a service which can rapidly provide the 3.2 million small to middle market enterprises across Europe with the requisite cover to mitigate the increased risks which they face. ABC represents a significant stride for our business and has the potential to be a game changer in the European SME sector.”
