Specialty re/insurance group Ascot has launched a Miscellaneous Professional Liability (MPL) to provide comprehensive coverage for a wide range of various professional service industries.
With the launch of a new MPL unit, this will further broaden Ascot’s specialty product suite, which therefore will help firms to achieve the certainty and resiliency needed to protect their financial stability and reputation.
Under the leadership of Todd Cusano, Senior Vice President, Professional Liability, MPL is the latest unit to join Ascot’s robust suite of Professional Liability offerings under the organization’s AscotPRO™ business segment.
At the same time, Ascot has confirmed that MPL will be offered as a standalone product on a primary and excess basis, as well as on a blended basis alongside Cyber Liability, Media Liability and Technology E&O offerings.
Commenting on the launch, Cusano said: “Professional service firms today are facing ever-evolving exposures set in a climate of escalating court settlements and increasing damages. Ascot has expanded and enhanced our existing MPL offering under a dedicated unit to help provide customized solutions to a growing range of firms.
“This launch increases our relevance with our trading partners and clients by delivering standalone and blended solutions along with leading risk management tools to effectively meet their growing needs.”
Brian Chiolan, Executive Vice President and Head of U.S. Financial Lines, added: “As our organization grows, we continue to find ways to simplify the customer and broker experience while providing them with best-in-class service and solutions.
“The launch of a dedicated MPL business unit, as well as the reorganization of our professional liability suite as AscotPRO™ under Drew Walter, Executive Vice President and Head of AscotPRO™, both illustrate our deep commitment to our Professional Services customers.
“We look forward to delivering an expanded suite of solutions to our brokers and clients in this space.”
