Reinsurance News

Rokstone launches new aviation division with $50mn capacity

2nd July 2020 - Author: Matt Sheehan

Rokstone Underwriting, part of the Direct Insurance Group, has announced the launch of a new aviation division with an additional $50m A rated capacity.

The new division will be led by the industry veteran Wayne Murphy, who has almost 30 years’ experience in the global re/insurance market, specialising in aviation and aerospace.

Prior to joining Rokstone, Wayne was Head of Aviation at Trust Re and has held senior leadership roles in several large re/insurers, including 11 years at Swiss Re Corporate Solutions where he was Global Head of General Aviation & Aerospace.

Rokstone Underwriting is a specialist MGA that underwrites $125 million GWP in several specialty lines including marine, terrorism & political violence, direct & facultative property, treaty property, construction & engineering, and liability.

Best Meridian, a Rokstone capacity provider, will provide the licensed paper for the facility and is reinsured into the London market with a number of carriers.

The capacity limits secured for the new facility are hull up to $5 million, general aviation liability up to $30 million and airline & aerospace liability up to $50 million.

Dean Pitts, Rokstone’s Managing Director, commented: “We’re delighted to secure such strong capacity for a new line – testament to the confidence that carriers have in our expertise and knowledge of specialty markets.  In a hard market in particular, carriers will seek those MGAs that they are confident have combined credibility and agility.

“We’re an entrepreneurial, people acquisitive business. The launch of this exciting new Aviation Division at Rokstone signifies the latest move in our Group wide strategy for considered growth and we expect further expansion over the coming months. I warmly welcome Wayne Murphy to the team,” Pitts continued.

“We now have more than 150 staff groupwide and our recruitment strategy has shown no sign of slowing down during the global lockdown. Rokstone has a great heritage with some of the market’s strongest underwriters in its specialty lines and I’m delighted that as a group we continue to appeal to the best talent globally from across the market.”

Wayne Murphy further stated: “Rokstone’s relentless focus on underwriting profit and client service make it a different proposition to most MGAs. From the outset the Rokstone leadership team have continued to emphasise their mission of creating long term value for their clients, capacity providers and shareholders.”

“This mentality, combined with the entrepreneurial DNA of the business, has inspired me to join the team and I really look forward to the years ahead within the Group,” he added.

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