Rokstone, the International Speciality (Re)Insurance MGA, part of the Aventum Group, has announced the launch of a new Terrorism facility with A rated capacity in the UK. The news follows the launch of its Terrorism product in the US 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. The cover is highly relevant to the risks posed today 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 Steel, Portfolio Manager, Political Violence & Terrorism, has been recruited by Rokstone to lead its international Political & Terrorism Division. Becky joined Rokstone in February this year with more than 32 years’ experience specialising in underwriting political violence and terrorism risks, based both here in the UK and in the US. She spent 14 years at AXA RE, followed by 8 years with AON in the US. She was later Vice President at Cooper Gay NYC before becoming Head of Property & Terrorism for Omnyy (part of Lockton) and latterly Lead Underwriter for Terrorism at Ensurance.
Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East. It is a leading specialist MGA serving the needs of international (re)insurance brokers in specialty lines business. It currently underwrites $500m GWP in several specialty lines including Marine, Terrorism & Political Violence, Direct & Facultative Property, Treaty Property, Construction & Engineering and Liability.
Rebecca Steel, commented:
“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. 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. 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. 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.”
Extensions to the cover are also available including Non-damage Business Interruption, Denial of Access, and Loss of Attraction.
Dean Pitts, Chief Underwriting Officer, Rokstone comments: “We’re delighted to launch this new facility. Terrorism and political violence are threats that continue to pervade our society at every level, and it is a global challenge that brokers can help their clients to navigate. Becky is one of the leading and most experienced underwriters in this area and we’re delighted that she has joined us. 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. We now have more than 200 staff groupwide and our recruitment strategy has shown no sign of slowing down during the global pandemic. Rokstone has a great heritage with some of the market’s strongest underwriters in its specialty lines and I’m delighted that as a group we continue to appeal to the best talent globally from across the market.”