Aspen takes over as carrier from Great American
Ryan Specialty Group’s (RSG) managing general agent (MGA) ThinkRisk Underwriting Agency has secured capacity for its converging risk programme from Aspen US Insurance.
Aspen’s US admitted and surplus lines platform will take over as the carrier from Great American Insurance Group.
RSG said this week it was looking for a new carrier after ending its deal with Great American as a result of “increasing channel conflicts”.
ThinkRisk’s converging risk programme will provide specialised errors and omissions insurance for media, advertising, technology, privacy and network and security risks to Aspen.
RSG chairman Pat Ryan said: “The convergence of media, technology and privacy exposures across a wide range of diverse industries requires particular underwriting expertise. ThinkRisk is an acknowledged industry leader in this segment.
“Aspen’s reputation as a leading global insurer with a keen focus on developing innovative specialty insurance products, and their strong interest in and commitment to this segment aligns perfectly with ThinkRisk’s long-term strategic plans. We believe strongly that this partnership between ThinkRisk and Aspen will offer tremendous value to our brokers and clients.”
ThinkRisk president Nicole Haggerty said: “Technology is a double-edged sword. While it has helped us become more efficient, it has had unintended consequences that require a diverse and comprehensive range of liability products to manage the associated risks. By partnering with Aspen, we will be able to respond to these emerging risks quickly and efficiently with innovative E&O products and risk management services for our clients.”
Aspen’s executive vice-president and chief underwriter of the professional liability division said: “We are excited about the opportunity to partner with Ryan Specialty Group-specifically, ThinkRisk. Aspen is able to offer both surplus lines and admitted capabilities which are anchored by our financial strength and “A” rating from AM Best.
“The converging risk liability offering with ThinkRisk provides a strong complement to Aspen’s existing stand-alone professional liability products, and reflects our commitment to selectively expanding our product offering in our target market segments.”