Rokstone, the international speciality re/insurance MGA that is part of the Aventum Group, announced the launch of a new contingency portfolio with backing from “A”-rated carriers.
Rokstone is launching the contingency account initially in the UK and Europe with plans to expand in other regions including North America in 2024. It expects to grow the niche portfolio to over £30 million gross written premium (GWP) in three years.
“We’re seeing a boom time in contingency, there’s higher demand for the product than in pre-COVID times. Despite inflation and the cost-of-living crisis, consumer spending on ticketed events and entertainment hasn’t reduced. But it remains a volatile area of the market,” commented David Boyle, portfolio manager for Contingency and managing director of Special Risks at Rokstone.
“During COVID, contingency was the biggest contributor to Lloyds’ total losses and carriers are rightly cautious. Wordings are restrictive and prices have risen by up to 400% in some areas,” Boyle added.
“We’re delighted to launch our contingency account with a same-day quote turnaround for brokers. Our appetite for this business is niche, well considered and data driven, and securing this facility highlights how carriers know and trust our expertise in this market,” he said.
Rokstone’s appetite for contingency cover includes event cancellation, death, disability & disgrace, transmission failure, media business, ticket refund, some non-appearance and bespoke, complex risks. Its access to market leading actuarial services further supports the proposition, giving Rokstone deep analytical and accurate pricing capabilities.
With offices in the UK, Europe, USA, Asia, Africa, and the Middle East, Rokstone currently underwrites US$1 billion GWP in several specialty lines, including marine, aviation, direct & facultative property, treaty property, construction & engineering, liability, agriculture, accident & health, and now contingency.
Source: Rokstone
Topics New Markets Insurance Wholesale
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