Rokstone, an international speciality re/Insurance MGA and part of the Aventum Group, has announced the launch of a global Professional Indemnity (PI) facility.
To lead and grow the PI division internationally, the firm has appointed Josh Smith as Head of Professional Indemnity.
Drawing on A+ (Standard & Poor’s) rated capacity from Great American, the facility is for all professional and financial lines risks domiciled in the UK and EU with a £2m primary and a £5m excess of loss limit.
According to James Potter, CEO of Rokstone and Deputy CEO of Aventum, the launch of a PI facility will add balance to the firm’s portfolio as it continues to expand and diversify.
Potter added: “We also intend to grow this book internationally in line with market demand and we’ll be exploring new territories with it in time, including Australia and Canada. Leveraging our global network and strong Property book we see great potential to both balance the portfolio with longer tail risks whilst capitalising on cross sell opportunities. Josh has an established first-rate reputation in the market and we’re delighted to welcome him to the team.”
Originally a law graduate, Smith has joined Rokstone with 13 years’ PI underwriting experience. He began his career at the Channel Syndicate 2011 for four years, before moving to Navigators Pro as a Professional Liability Underwriter. He then spent six years at Optio Group underwriting professional indemnity as the Head of PI.
Smith commented: “It is an interesting time in the PI market, with current rates transitioning out of its hard market phase in certain sectors and products. We are seeing clear signs of softening after a long hard market cycle, we’re seeing broader wordings being reintroduced with some exclusions being removed and more favourable pricing.
“We’ll be focussed on developing market leading wordings whilst maintaining underwriting discipline. I’m excited by the opportunity to establish and grow a profitable, stable PI book at Rokstone. It’s got a great culture and reputation as a fantastic place to work where the sky is the limit for talented underwriters.”