Lloyd’s specialist underwriter Marketform will commence underwriting hospital professional liability, comprising medical malpractice and associated general liability insurance, in the United States effective June 1, 2013.
Marketform will initially enter the hospital professional liability insurance market with plans to expand its current geographical spread of medical malpractice professional indemnity insurance to include business domiciled within the U.S.
“The aim is to build a high value, low volume book underwritten as an excess hospital account with support from other Lloyd’s syndicates,” said John O’Neill, chief executive officer, Marketform Managing Agency Limited.”Many brokers who place business with Marketform also have US accounts.”
Andy Hornsblow, class underwriter for hospital professional liability, said the company estimates that 75% of its prospective U.S. accounts will cover hospitals, underwritten purely as an open market product as either insurance or facultative reinsurance of hospital captive insurance companies.
Marketform also underwrites bloodstock & livestock, cargo, directors & officers, general liability, marine & energy liability, marine hull & war, medical malpractice, personal accident and health, political risks & trade credit, professional indemnity, specie, terrorism & political violence.
Marketform was founded in 1989. In August 2012, American Financial Group Inc. increased its ownership interest to 100 percent of the UK and international specialist insurer.
Operating in the Lloyd’s market, the company works with brokers and businesses in more than 35 countries.
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