International specialty managing general agent (MGA) Rokstone has launched a directors and officers (D&O) and professional indemnity (PI) combined facility for financial institutions in the United Kingdom, Europe, and the Caribbean. The facility is backed by a $10 million Lloyd’s binder.
The company said that it identified a market gap for a Lloyd’s-backed facility tailored for financial institutions.
Rokstone also noted that the new offering will be available to a range of organizations, including private equity firms, hedge funds, investment managers, and credit and savings institutions.
Jimmy Heaton (pictured above), head of D&O at Rokstone, said the decision to enter the financial institutions space aligns with the company’s existing expertise in PI and D&O.
“Entering the FI space was the logical next step for us. We already have extensive PI and D&O experience and enviable backing from our capacity partners,” he said.
By consolidating its commercial and financial institution capabilities into a single team with a broad territorial reach and Lloyd’s backing, Heaton said that Rokstone has developed a strong solution for this market.
Rokstone’s latest offering follows two new extensions to its Family Trustee Liability product, both of which were launched last December.
The Exoneration extension safeguards trust assets when trustees’ personal liability is already covered under the trust’s deeds, while the Beddoe Costs extension covers situations where trust assets are at risk during the pursuit of a Beddoe order, a legal approval trustees can seek from a court to preemptively validate a contentious action.
Rokstone currently underwrites more than US$1.1 billion in gross written premium across several specialty lines, including property, power generation, marine, aviation, warranty, credit and surety treaty, agriculture, construction and engineering, accident and health, contingency, liability, and sports and leisure.
The firm also recently announced a major leadership shakeup, with Ian Anson, previously managing director of Rokstone, promoted to global CEO, while James Potter, the current CEO, will transition into the role of chairman.
In his new role as chairman, Potter will remain involved in Rokstone’s operations while continuing as deputy CEO of Aventum.
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