Rokstone launches combined D&O and PI facility for financial institutions

By Ryan Hewlett

Feb 5 - (The Insurer) - Aventum Group-owned specialty MGA Rokstone has launched a combined D&O and professional indemnity (PI) facility for financial institutions (FIs) in the UK, Europe and the Caribbean, backed by a $10mn Lloyd’s binder.

The MGA said in a statement on Wednesday that it launched the facility after a spotting a gap in the market for a secure, Lloyd’s-backed offering in the FI space.

The facility is targeting aimed at a broad range of FIs including private equity houses, hedge funds, investment managers and credit and savings institutions.

Jimmy Heaton, head of D&O at Rokstone, said: “Entering the FI space was the logical next step for us. We already have extensive PI and D&O experience and enviable backing from our capacity partners.

“We give brokers a reliable and consistent service and for a while many have been expressing a desire for us to expand our offering and bring the same holistic approach for FI. Combining our commercial and financial institution capabilities within one team, coupled with a broad territorial appetite and Lloyd’s backing, we have created a formidable offering.”

Rokstone in late January promoted managing director Ian Anson to global CEO, replacing James Potter, who is transitioning to the role of chairman.

As previously reported, Potter will continue as deputy CEO of Aventum.

In December, Rokstone acquired a second box at Lloyd’s just six months after announcing its first box.

Rokstone currently underwrites more than $1.1bn of gross premiums across several specialty lines including property, power generation, marine, aviation, warranty, credit and surety treaty, agriculture, construction and engineering, accident and health contingency, liability, and sports and leisure.