Munich Re Specialty makes professional liability entry

Munich Re Specialty Insurance (MRSI), the insurance business operations of affiliated companies in the Munich Re Group, has launched a new miscellaneous professional liability (MPL) product for non-specialist, commercial businesses.

MRSI will offer the new product through select wholesale brokers with a focus on coverage for consultants, financial services, human resources, insurance-related and real estate professionals.

MPL covers liability and defense costs from claims that allege errors or omissions in the rendering of professional services. Coverage will be offered on an admitted and non-admitted basis and is available on a primary and excess basis.

MPL claims will be handled in the Philadelphia claims home office by an in-house legal team with expertise in litigation and coverage defense in professional liability.

MRSI plans to launch additional lines of professional liability coverage later in 2020.

“Munich Re Specialty Insurance offers brokers and the market a product backed by a breadth of experience and an elite level of expertise,” said Marcia Blanco, head of professional liability, excess & surplus underwriting, Munich Re Specialty Insurance. “Our talented and seasoned underwriting team are based in offices located in Philadelphia, Atlanta, Chicago, and San Francisco. Our regional organization provides a customer-centric approach to business. We understand the local markets and regulations and can tailor our MPL product to fit the customer’s needs.”

“Our partners rely on us for our specialty insurance expertise,” Blanco added. “Our Miscellaneous Professional Liability product further bolsters MRSI’s offerings.”