Allianz partners with JLT for after the event insurance

Allianz Legal Protection (ALP) and JLT Specialty have created Omnium, a specialist after the event (ATE) insurance solution for insolvency practitioners (IP’s).

Omnium provides adverse costs and disbursement coverage against insolvency action, according to a Jan. 29 press release. It protects IP’s when bringing legal action to secure assets owed on behalf of creditors. It also provides £100k limit of indemnity as standard, with additional indemnity available as required.

Once IP’s have been appointed as office holder for a business, or individual, as part of an insolvency procedure, Omnium will provide access to ATE insurance to cover potential litigation risk and financial protection against adverse costs and disbursements.

“This provides a competitive and innovative solution to protect an insolvency practitioner’s personal liability against defendant costs and disbursements when legal action is necessary,” said Allianz legal protection’s business development manager Steve Rowley.

Ed Brittain, head of restructuring & recovery at JLT, commented: “Omnium is an innovative risk transfer solution for Insolvency Practitioner firms that will assist firms to pursue litigation on a new basis."

Join us at Intelligent Automation in Insurance - London 2018.  Book by Jan 31st and you could save £400.

More of today's news

Enstar strikes £840m reinsurance deal with AXIS-Novae

ILS market recovers from $630m nat cat loss in Q4

Drones create gap in traditional aviation cover

European insurers may face higher cost of capital due to IFRS 17

QBE prepares Nordic expansion with new hire

Artex expands Asia Pacific presence; appoints Singapore CEO

Alesco bolsters energy practice with key hires

Don't miss our insurtech email newsletter - sign up today