Rokstone expands into PI amid signs of ‘softening’ after long hard market cycle
Speciality re/insurance MGA Rokstone, part of Aventum Group, has launched a global professional indemnity (PI) facility with a key hire from Optio amid signs of “softening” after a long hard market cycle.
Drawing on A+ (Standard & Poor’s) rated capacity from Great American, the facility is for all professional and financial lines risks domiciled in the UK and EU with a £2 million primary and a £5 million excess of loss limit.
Josh Smith has joined Rokstone with 13 years’ PI underwriting experience, to lead and grow the PI division internationally. Smith began his career at the Channel Syndicate 2011 for four years, before moving to Navigators Pro as a professional liability underwriter. He then spent six years at Optio Group underwriting professional indemnity as the head of PI.
James Potter, CEO of Rokstone and deputy CEO of Aventum, said: “The launch of a PI facility at Rokstone will add balance to our portfolio as we continue to expand and diversify. We also intend to grow this book internationally in line with market demand and we’ll be exploring new territories with it in time, including Australia and Canada. Leveraging our global network and strong Property book we see great potential to both balance the portfolio with longer tail risks whilst capitalising on cross sell opportunities. Josh has an established first-rate reputation in the market and we’re delighted to welcome him to the team.”
Smith commented: “It is an interesting time in the PI market, with current rates transitioning out of its hard market phase in certain sectors and products. We are seeing 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. We’ll be focussed on developing market leading wordings whilst maintaining underwriting discipline. I’m excited by the opportunity to establish and grow a profitable, stable PI book at Rokstone. It’s got a great culture and reputation as a fantastic place to work where the sky is the limit for talented underwriters.”
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