The Medical Protection Society (MPS) is to partner with global insurer Everest Insurance and Asta, the leading Lloyd’s third-party managing agency, to establish a Lloyd’s Special Purpose Arrangement (SPA) that will enhance MPS’s ability to indemnify corporate healthcare entities through innovative products and partnerships.
In-principle approval has been received from the Lloyd’s Board (formerly the Franchise Board) with the proposed start date being 1 July 2019.
MPS is a mutual organisation established in 1892. It protects the careers, reputations and financial security of over 300,000 doctors, dentists, healthcare professionals and healthcare organisations around the world. It has already established a new managing general agency (MGA) and will establish a SPA, sponsored and managed by Asta. It will offer its medical malpractice insurance under its new Healthcare Protection brand.
Under delegated authority from Everest Syndicate 2786, the MGA will underwrite a medical malpractice account produced directly by MPS from its UK and international networks.
Howard Kew, MPS executive director, said: “We regularly review the products and services we provide to members so we can adapt to meet their needs and those of the market. The launch of Healthcare Protection will give private healthcare organisations the protection they have told us they require. The Lloyd’s market will provide global reach, expertise and market profile in a cost-effective manner. Lloyd’s and Everest are excellent partners and their understanding of our specialist business will underpin this venture.”
Paul Kneafsey, active underwriter, Everest Syndicate, added: “We trust the embedded and unparalleled underwriting approach of MPS, and we are excited to grow our medical malpractice account in partnership with MPS.”
Simon Norton, chief underwriting officer at Asta, said: “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. This arrangement deploys the best abilities of all three partners to create a lean, accretive, and profitable underwriting entity at Lloyd’s.”
Source: Company Press Release