The Medical Protection Society (MPS), an organisation that protects the careers, reputations and financial security of over 300,000 healthcare professionals, is partnering with global insurer Everest Insurance and Asta, the leading Lloyd’s third-party managing agency, to establish a Lloyd’s Special Purpose Arrangement (SPA).
MPS says the move, set for a July 1 start date, will enhance its ability to indemnify corporate healthcare entities through new products and partnerships. In-principle approval has been received from the Lloyd’s Board.
MPS has already established a new managing general agency (MGA) and will establish a SPA, sponsored and managed by Asta.
It will offer its medical malpractice insurance under its new healthcare protection brand.
Under delegated authority from Everest Syndicate 2786, the MGA will underwrite a medical malpractice account produced directly by MPS from its UK and international networks.
“We regularly review the products and services we provide to members so we can adapt to meet their needs and those of the market,” said Howard Kew, MPS Executive Director.
“The launch of Healthcare Protection will give private healthcare organisations the protection they have told us they require. The Lloyd’s market will provide global reach, expertise and market profile in a cost-effective manner. Lloyd’s and Everest are excellent partners and their understanding of our specialist business will underpin this venture.”
Paul Kneafsey, active underwriter, Everest Syndicate, added, “We trust the embedded and unparalleled underwriting approach of MPS, and we are excited to grow our medical malpractice account in partnership with MPS.”
Simon Norton, Chief Underwriting Officer at Asta, said, “Combining the reputation, relationships and underwriting capabilities of MPS with the underwriting expertise and resources of Everest, alongside the advantages that the Lloyd’s platform has to offer, creates a very attractive proposition.
“This arrangement deploys the best abilities of all three partners to create a lean, accretive, and profitable underwriting entity at Lloyd’s.”