The Medical Protection Society (MPS) is partnering with Everest Insurance and Asta, the Lloyd’s third-party managing agency, to establish a Lloyd’s special purpose arrangement (SPA).
The SPA will offer medical malpractice insurance under a new healthcare protection brand, enhancing MPS’s ability to indemnify corporate healthcare entities through innovative products and partnerships.
The Lloyd’s Board has granted in-principle approval for the SPA, which is due to begin operations on July 1 this year.
MPS, a mutual organisation established in 1892, exists to protect the careers and financial security of more than 300,000 doctors, dentists, healthcare professionals and healthcare organisations, globally.
It has already established a new managing general agency (MGA) which will underwrite a medical malpractice account produced directly by MPS from its UK and international networks, under delegated authority from Everest Syndicate 2786.
Howard Kew, MPS executive director, said: “The launch of Healthcare Protection will give private healthcare organisations the protection they have told us they require. The Lloyd’s market will provide global reach, expertise and market profile in a cost-effective manner. Lloyd’s and Everest are excellent partners and their understanding of our specialist business will underpin this venture.”
Paul Kneafsey, active underwriter at Everest Syndicate, added: “We trust the embedded and unparalleled underwriting approach of MPS, and we are excited to grow our medical malpractice account in partnership with MPS.”
Simon Norton, chief underwriting officer at Asta, said: “Combining the reputation, relationships and underwriting capabilities of MPS with the underwriting expertise and resources of Everest, alongside the advantages that the Lloyd’s platform has to offer, creates a very attractive proposition. This arrangement deploys the best abilities of all three partners to create a lean, accretive, and profitable underwriting entity at Lloyd’s.”
Medical Protection Society, Everest, Asta, Medical malpractice