Bermuda-based Aspen Insurance Holdings Limited announced that it will enter the Professional Liability Insurance market in September 2007 through Aspen Insurance UK Limited.
“Underwriting will take place solely from Aspen’s UK offices and will target customers outside of the USA, principally in the UK and Australia,” said the bulletin. “The underwriting focus will be on medium to larger sized customers,” who will also receive counseling from Aspen’s risk management services. The principal focus will be on indemnity based coverage for professional firms.
Aspen indicated that the impact on its 2007 premiums “is expected to be minimal although gross written premiums are anticipated to be in the region of $100 million within three years.”
Nick Evans will head the new underwriting unit. He brings 22 years of experience in professional lines underwriting with a “particular focus on the deployment of risk management techniques.” He will be supported by a small group of underwriters and other professionals who will focus directly on developing this line of business for Aspen.
CEO Chris O’Kane said the Company is “very excited” about then new unit’s prospects and Evans abilities in the field. He also indicated that Evan’s approach would “fir extremely well with Aspen’s underwriting philosophy and accords with the diversification strategy we have pursued since the inception of our Company.”
Topics New Markets Underwriting
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