RSA Insurance has unveiled the latest addition to its financial risks portfolio with the launch of a pension trustee liability (PTL) insurance product.
The newly introduced PTL product is aimed at UK pension schemes with robust financial backing from employers who rely on independent professional advisors to manage their risk, including those seeking wind-up and run-off coverage for specific sections of their portfolios.
PTL insurance is intended to safeguard pension trustees, sponsoring employers, and the pension fund or scheme itself against potential financial repercussions stemming from defence costs, awards, and damages resulting from alleged wrongful acts or omissions in the administration and management of pension schemes, according to a news release from RSA. This coverage extends to both defined benefit and defined contribution schemes on an “any one claim basis.”
The contract for PTL insurance is established in the name of the pension fund and/or scheme being insured, with coverage extending to all individual trustees, both current and former, on a “claims made” basis, as well as the sponsoring employer.
Fiona Tomlinson, portfolio lead - financial risks at RSA Insurance, made note of the increasing responsibilities of pensions trustees and how this underscores the need for a product that allows them to facilitate their duties effectively.
“Bolstering our financial risks portfolio with the launch of our new pension trustee liability product offers a significant growth opportunity for us, while also helping us to better support brokers and their clients,” said Tomlinson. “We want to widen our relationships with customers and brokers by giving them access to a suite of products that are complementary and cover a broader range of risks, making RSA a one-stop shop in the market.”
The launch of RSA’s PTL offering comes on the heels of the introduction of an excess of loss (XOL) product in July. This latest product is available to brokers and commercial lines customers across the UK through its mid-market business.
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