Irish specialist SME insurance managing general agent (MGA) iSure has renewed its long-term professional indemnity (PI) capacity agreement with Great American International Insurance (EU) DAC, which holds an A+ rating from Standard & Poor’s.
The renewed PI facility provides coverage for a range of professional and financial lines risks, with limits set at €2.5 million for primary and €5 million for excess of loss.
Terry Dunne (pictured above), senior PI underwriter at iSure, said, “Whilst PI rates have broadly softened, securing this long-term capacity with a quality partner like Great American is a huge endorsement of our strategy, our use of data and technology, and our proven portfolio performance.”
Dunne noted that iSure launched its PI product two years ago to a select group of broker partners and has since doubled its gross written premium (GWP) and expanded broker distribution. “This latest partnership will allow us to continue to expand and diversify our portfolio with confidence,” he added.
iSure has announced an increase in broker commissions following the renewal, stating this reflects its ongoing commitment to distribution partners. Dunne commented that the careful management of the portfolio and the new capacity deal have enabled the company to maintain broad broker distribution and raise commissions.
Sean Murray, CEO of iSure, said, “This renewed capacity not only strengthens our PI offering but also underlines iSure’s wider proposition – combining specialist expertise, disciplined portfolio management and the support of highly rated carriers.”
Murray added that the arrangement ensures the company can continue to deliver value to policyholders and provide specialist solutions and capacity to broker partners
Rokstone, iSure’s parent company, recently expanded its casualty division in the UK and Ireland, appointing Matt Bishop as class underwriter and Lewis Goodearl as division head. The division, supported by A-rated Lloyd’s capacity, is focused on a range of products, including employers' liability, public liability, contractors all risks, and property.
In addition, Rokstone has launched an international casualty division led by Sam Wylie as portfolio manager. This new unit aims to diversify Rokstone’s business across global casualty lines, broadening its presence beyond property and marine risks and targeting opportunities in international casualty insurance markets.
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