Wholesale insurance broker Cooper Gay Swett & Crawford (CGSC) has launched an underwriting management agency specializing in the healthcare industry. The new venture, Pro-Praxis Insurance, will be led by Robert Allen who has 25 years of experience in the industry,
Based in New York, the managing general agency will bring domestic business to the London market by building proprietary insurance products in conjunction with Lloyd’s of London and U.S. market underwriters, the announcement said.
According to Toby Esser, CEO of CGSC, U.S. domestic markets have traditionally dominated the U.S. healthcare insurance space. But Pro-Praxis is a way to produce a healthcare insurance product and business for the Lloyd’s of London and U.S. markets.
Through certain underwriters at Lloyd’s, Pro-Praxis has also launched a healthcare and clinical research underwriting facility that will offer primary professional liability, general liability and standalone umbrella coverage for classes ranging from air ambulances to zoonotic disease centers.
For clinical research liability, the team will offer primary professional liability, general liability and standalone umbrella coverage for classes such as trial sponsors, contract research organizations, independent research sites and institutional review boards.
All eligible classes have capacity up to $10 million per claim.
“Our aim with Pro-Praxis is to build an underwriting platform that will introduce capacity and underwriting complexity rarely seen in the MGA arena,” Allen said.