Insurtech launches new product for small businesses – The Royal Gazette

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Created: Jul 20, 2022 2:08 PM

Counterpart, the executive liability insurtech, has announced the launch of its supplemental insurance product for small businesses.

Backed by Aspen Insurance Holdings Limited, the Bermuda-based reinsurer, the excess policy is another offering to support small businesses in times of heightened litigation, the company said.

Counterpart said it was the first management liability provider to use proprietary data and advanced technology in response to rising settlement costs and legal fees, which can easily bankrupt a company. small business. Claims expenses have skyrocketed in recent years due to claimant-friendly legal environments and unlimited legal fees.

This product was designed in response to overwhelming demand from Counterpart broker partners, including CRC Group Director David Alferez, who said, “Counterpart has been an incredible partner to us and is once again stepping up their support for our team. and to our customers. We can’t wait to take advantage of another of their best products. »

Counterpart offers directors and officers, employment practices and fiduciary liability excess insurance, with a maximum limit of $3 million.

Backed by Aspen’s financial strength, the offering will be available to small businesses with fewer than 250 employees and less than $250 million in revenue and total assets through Counterpart’s partner wholesale brokers.

Zac Clammer, Executive Vice President, Corporate Responsibility, Aspen Insurance, said, “Counterpart has created a compelling and unique offering for small businesses.

“We are excited to further develop our relationship and are delighted to support what we see as a natural extension of an already successful line of management liability products.”

Mike Levins, Head of Insurance at Counterpart, said: “We always operate in the best interests of our customers and supplemental insurance has been a real issue for them over the years due to declining limits and coverage. .

“Extra insurance is the most requested product by our brokers, and we have worked closely to design a product that meets their wants and needs.

“This is just the beginning of what we are looking to do with our insurer partners to expand the scope of our management liability products and services.”

Zac Clammer: Executive Vice President, Executive Liability, Aspen Insurance (Photograph provided)

Mike Levins, Head of Insurance at Counterpart

David Alferez, Director, CRC Group

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