Rokstone MGA iSure launches €5m PI facility in challenging market
iSure, a specialist SME insurance MGA in Ireland, part of the international speciality re/insurance MGA Rokstone, has launched a professional indemnity (PI) facility with a €2 million primary and a €3 million excess of loss limit. The company intends to take a “careful and measured approach” to the growth of the PI book in a challenging market.
Drawing on A+ (Standard & Poor’s) rated capacity from Great American International Insurance (EU) DAC, the facility is for professional and financial lines risks.
iSure is based in Cork and Cavan and is authorised and regulated by the Central Bank of Ireland. It currently insures more than 12,000 businesses in Ireland.
Josh Smith, Rokstone’s specialist PI underwriter and head of PI at Rokstone with 14 years’ PI underwriting experience, is the lead underwriter on the facility for iSure. Smith joined Rokstone earlier this year and following the success of the PI launch in the UK, with capacity also coming from Great American, Rokstone is now expanding this line of business to Ireland. Avril Cox, senior underwriter and director at iSure is managing the division in Ireland, supported by Emily Cook, underwriting assistant.
Sean Murray, CEO of iSure, said: “We’re delighted to launch this PI facility as we continue to expand and diversify our portfolio. The launch comes at a time when professionals are struggling to get affordable cover in Ireland. Despite rates for PI softening significantly in the UK, rates in Ireland remain relatively high. Securing this capacity, despite the very real challenges in the market, is testament to the confidence our carriers have in our expertise and unrivalled access to actionable data and technology. We also don’t suffer the same legacy issues as the composite insurers, which means that we can be nimble, innovative, and ultimately more competitive.”
Smith commented: “As we slowly emerge from a long hard market cycle, brokers and their clients looking to secure vital PI cover have suffered from a lack of capacity and punishing premiums. We are well aware that the market is clamouring for quality PI cover like this but we intend to take a careful and measured approach to the growth of the PI book, working initially with only a selected number of our existing broker partners. In time we plan to extend the distribution, but our approach will be measured.”
He added: “It is an interesting time in the PI market, with current rates transitioning out of its hard market phase in certain sectors and products. There are clear signs of softening after a long hard market cycle; we’re seeing broader wordings being reintroduced with some exclusions being removed and more favourable pricing, but the market is still restrictive in certain sectors and rates still profitable.”
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