Rokstone, an international specialty re/insurance managing general agent (MGA), has secured a new USD 1 million capacity deal backed by Lloyd’s to launch a specialist Autotransporter solution as part of its plan to become the premier inland marine MGA.
The deal allows Rokstone to fill a critical gap in the market and expand its line size in response to market demand for specialised trucking solutions.
With the additional Lloyd’s capacity Rokstone will be able to offer specialised wordings and a wider range of tailored deductible structures to meet insureds’ premium objectives and risk retention goals.
This is critical for a market that has historically suffered from a lack of choice, contraction, and limited flexibility, Rokstone explains.
Traditional policies often bundle Motor Truck Cargo (MTC) and Vehicle Physical Damage (VPD) with Auto Liability (AL). However, Autotransporters are technologically advanced trucking operations with unique hazards, higher limit requirements, and typically experience lower loss frequencies than traditional trucking companies.
Because they require more expert claims management and specialised language, separating MTC and VPD from AL can reduce costs, improve the claims experience, and create more consistent underwriting.
Rokstone Marine’s new capacity allows it to expand its target segment to include larger specialty fleet operations. As well as fill a glaring gap during a challenging renewal market for trucking companies by offering the necessary coverage extensions and wordings that Original Equipment Manufacturers (OEMs) and shippers require.
Mike Nukk, Head of Marine at Rokstone commented: “This is great news for the market, at a time when we see continued retraction in specialised segments. Adding this new capacity is critical as inflation and technology improvements are causing vehicle costs to rise exponentially.
“Speed matters in this market; not only are we bringing innovative solutions to brokers and their clients faster than our peers, but guaranteed faster turnaround times, consistent underwriting, and a superior claims experience, thanks to our expert global team and the advanced technology capabilities of our proprietary underwriting and distribution platform, ATOMX.”
