Specialist financial and commercial lines MGA Spring, has announced the launch of a new Commercial Professional Indemnity (PI) binder for businesses in the UK and Europe.
According to the announcement, the company’s London and Dublin offices will support the new offering. It will be backed by existing capacity providers Ascot and Aspen, as well as new provider Faraday. The newly formed Casper Specialty is also providing capacity for UK risks.
The binder offers £5m/€6.5m of primary capacity, focusing on the technology, media, marketing and miscellaneous sectors in both the UK and Europe and also traditional professions in the UK.
It can also provide up to £5m/€5m of excess layer capacity depending on the attachment point and risk specifics, the company explained.
The new European offering will focus on Ireland’s thriving technology sector and includes a technology PI policy tailored to software providers and developers. The Media PI product will concentrate on marketing, advertising, and creative communications firms.
Shane Barry, Senior Underwriter in Spring’s Dublin office, commented: “We are delighted to launch our new Commercial PI binder, which will enable us to better serve our clients in Ireland and the broader European markets.
“This expansion reflects our ongoing commitment to providing innovative and tailored insurance solutions to meet the evolving needs of businesses in these regions.”
This expansion builds on the company’s existing capabilities, which includes PI for corporate service providers and other non-traditional professions in the UK, Europe and Channel Islands.
At the start of 2023, Spring announced ambitious plans to diversify product lines and grow their capacity to meet the needs of their broker clients.
Paula McManus, Senior Underwriter in Spring’s London office, said: “Spring Insure is an increasingly attractive prospect for brokers whose clients require robust, comprehensive PI cover which stands up to existing and emerging risks, and we’re proud to now be able to offer this.”
