.jpg)
Three is not always a crowd… case in point: a new partnership between global insurer Everest Insurance, Lloyd’s of London third-party managing agency Asta, and mutual organisation Medical Protection Society (MPS).
MPS – which protects the careers, reputations, and financial security of over 300,000 doctors, dentists, healthcare professionals, and healthcare organisations – has given its ability to indemnify corporate healthcare entities a boost by tapping two partners for a Lloyd’s Special Purpose Arrangement (SPA) that is slated to take effect on July 01.
Under delegated authority from Everest Syndicate 2786, the managing general agent established by MPS will underwrite medical malpractice insurance which will be offered through the new brand Healthcare Protection. The SPA, meanwhile, is sponsored and managed by Asta.
“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,” commented Asta chief underwriting officer Simon Norton.
“This arrangement deploys the best abilities of all three partners to create a lean, accretive, and profitable underwriting entity at Lloyd’s.”
In MPS executive director Howard Kew’s view, the Lloyd’s market will provide global reach, expertise, and market profile in a manner that is cost-effective. “Lloyd’s and Everest are excellent partners and their understanding of our specialist business will underpin this venture,” said Kew.
Meanwhile Everest Syndicate active underwriter Paul Kneafsey cited the society’s “embedded and unparalleled” underwriting approach, adding that they are excited to grow their medical malpractice account in partnership with MPS.
