Rokstone, the London-based speciality re/insurance managing general agency, has launched a new terrorism facility with “A”-rated capacity in the UK. The news follows the launch of its terrorism product in the U.S. in July this year, continuing its push to grow its geographic and digital presence in diversified speciality products.
The product will be available to brokers through iSure, the group’s digital distribution platform. Brokers in the UK will now be able to tap into a simple, niche and volume opportunity, said Rokstone, noting that the cover is highly relevant to the risks posed from terrorism. Policies can quickly and easily be added to other core commercial covers, with quotes available in under a minute through iSure’s digital platform.
Rebecca (Becky) Steel, portfolio manager, Political Violence & Terrorism, has been recruited to lead Rokstone’s international Political & Terrorism Division. Steel joined Rokstone in February this year with more than 32 years’ experience, specializing in underwriting political violence and terrorism risks, based both in the UK and in the U.S.
She spent 14 years at AXA Re, followed by eight years with Aon in the U.S. She was later vice president at Cooper Gay NYC before becoming head of Property & Terrorism for Omnyy (an MGA subsidiary of Lockton) and latterly lead underwriter for Terrorism at Ensurance where she worked before joining Rokstone.
“Political violence and terrorism is an ongoing daily threat and brokers have a responsibility to make their clients aware of the risks and the protection available. Compared to other countries, the UK has a very high-risk profile – higher than Russia, for example. And it’s not just about ISIS. Right wing activism is one of the biggest risks in the UK right now,” commented Steel, in a statement.
“At Rokstone we’ve created tiered products that cater for the most relevant risks. Targets don’t have to be the preserve of travel hubs, big hotels or national monuments, and it’s not all about property risk and business loss – our policies uniquely protect the people too, with emphasis on rehabilitation,” she continued.
Extensions to the cover are also available including non-damage business interruption, denial of access, and loss of attraction.
“Our specialist knowledge, use of technology and approach to underwriting means we can provide broader, more relevant cover, that’s more competitive and quicker to secure,” added Steel. “We’re delighted to have such strong capacity for our product – testament to the confidence that carriers have in our expertise and knowledge of this market and the digital play we are embarking on.”
“Rokstone is an entrepreneurial, people acquisitive business and the launch of this exciting new line in the UK signifies the latest move in our group wide strategy for considered growth,” said Dean Pitts, chief underwriting officer, Rokstone. “We now have more than 200 staff groupwide and our recruitment strategy has shown no sign of slowing down during the global pandemic.”
Rokstone, which is part of the Aventum Group, is one of the world’s largest MGAs, with offices in the UK, Europe, U.S., Asia, Africa and the Middle East. It currently underwrites $500 million gross written premiums (GWP) in specialty lines such as marine, terrorism & political violence, direct & facultative property, treaty property, construction & engineering and liability.
Aventum is an independent specialty insurance group, which trades more than $600 million GWP annually, with 13 offices globally. Through its international re/insurance broking arm, Consilium, and its global MGA operation, Rokstone, it offers clients a range of specialist and niche solutions in all lines of property/casualty re/insurance globally.
Was this article valuable?
Here are more articles you may enjoy.