MRSI confirms miscellaneous professional liability entry
Munich Re Specialty Insurance (MRSI) has announced the release of a miscellaneous professional liability offering for non-specialist, commercial businesses, a move that was first revealed by The Insurer last month.
MRSI will offer the new product through select wholesale brokers with a focus on coverage for consultants, financial services, human resources, insurance-related and real estate professionals. Coverage is offered on an admitted and non-admitted basis and is available on a primary and excess basis.
“Our miscellaneous professional liability product further bolsters MRSI’s offerings,” commented Marcia Blanco, who joined MSRI as head of professional liability, excess and surplus underwriting from QBE in January this year.
Miscellaneous professional liability covers liability and defence costs from claims that allege errors or omissions in the rendering of professional services.
This publication reported the launch of the product last month, as well as revealing MRSI had soft-launched a senior living healthcare liability offering via a select group of wholesale brokers.
These moves build on MRSI’s entry into E&S property, primary casualty and excess casualty last year.
The addition of the healthcare liability and miscellaneous professional liability covers brought the number of MRSI’s E&S offerings to five, along with property, primary casualty and excess casualty.
In a release today MRSI said it plans to launch additional lines of professional liability coverage later in 2020.
“Munich Re Specialty Insurance offers brokers and the market a product backed by a breadth of experience and an elite level of expertise,” Blanco said. “Our talented and seasoned underwriting team are based in offices located in Philadelphia, Atlanta, Chicago, and San Francisco.”
Miscellaneous professional liability claims will be handled in the Philadelphia claims home office.
MRSI was set up at the end of 2018, and is led by former Zurich Insurance Company general insurance CEO Mike Kerner.
It brings together the company’s existing North American commercial insurance business that already generated around $1.3bn of GWP, including business written by its programs, binders and public entities business.