London, 26 July 2023 – Spring Insure, the financial and professional lines managing general agent, has secured additional capacity for its UK professional indemnity offering as it looks to expand following its original launch into the sector in April. The latest deal will enable the MGA to provide even more flexibility to brokers looking to secure PI cover for firms with a revenue of up to £50m or fee-income of up to £5m.
Spring originally launched its UK commercial PI offering in April this year, following the securing of a £5m binder for both primary/excess capacity from several Lloyd’s Syndicates.
The new excess of loss facility will be led by a Lloyd’s capacity provider, additionally backed by many of the existing capacity providers. The facility will enable Spring Insure to offer fire safety cover on a rectification costs basis and adds a wider selection of risks as well as offering more flexibility on individual contract values.
Spring Insure’s UK PI offering is aimed at both the non-standard and standard class sectors including environmental planners, media, miscellaneous, the construction sector, surveyors, and accountants.
Paula McManus, Head of UK PI, Spring Insure, commented:
“Spring Insure now provides a real and flexible alternative for brokers looking to place commercial PI business. We are excited to have the support of a new capacity provider to partner us on our journey of significant growth. The new facility enables Spring to underwrite even more efficiently with immediate access to underwriters as speed of turn around and responsiveness is key to our brokers.“
Tristan Sargeaunt, Spring Insure, Group CEO, added:
“Spring Insure has ambitious plans to grow in the UK commercial PI sector, and with this new facility we will be able to offer a much wider product offering to our brokers. We’re working hard to grow Spring’s profile in the broker community to support our growth plans across all lines and we’re ready to engage with any broker requiring new quotes for their financial lines insurance placements.”