Home / Corporate / Swiss Re deal will support ProRisk expansion plans
10 February 2020
Swiss Re Corporate Solutions will provide capacity for Professional Risk Underwriting (ProRisk) as the agency pursues plans to expand its business.
ProRisk has entered into a binder agreement with the insurer for financial lines, casualty, property, and accident and health, switching from an arrangement with Lloyd’s.
The agreement for new and renewal policies took effect last Friday and business is being transitioned over the coming month.
ProRisk was formed to specialise in professional indemnity cover but has expanded its range and now offers 21 products.
The firm, which has staff in Melbourne, Sydney and Brisbane, plans to release a new suite of products and a proprietary underwriting platform this year.
“We see the partnership with ProRisk as complementary to both parties,’ Swiss Re Corporate Solutions’ Head of Casualty & FinPro for Australia and New Zealand Jeremy Scott-Mackenzie told insuranceNEWS.com.au.
“ProRisk has our support to continue their proud history of innovation in both what offerings they bring to market as well as innovation as to how they best serve their clients.”
Mr Scott-Mackenzie says with the withdrawal of capacity in the local and global market, particularly in the financial lines area, there are significant opportunities for the insurer to grow.
The partnership with ProRisk particularly offers the opportunity for Swiss Re Corporate Solutions to expand into domestic middle market professional indemnity.
The binder agreement covers directors’ and officers’, management liability, association liability, professional indemnity, medical malpractice, general liability, small business pack and general property business.
ProRisk will remain a Lloyd’s coverholder for other lines of insurance and will continue to manage all claims in-house.
The underwriting agency, which is part of Insurance House, says annual gross written premium grew 24.3% to $53 million last year.
"The additional support of the underwriters and team at Swiss Re will add further depth and experience to our existing capability enabling ProRisk to continue to innovate and expand," ProRisk Executive Director Hamish McDonald Nye told insuranceNEWS.com.au.
New products to be released include sole traders and partners management liability, cyber and privacy insurance and healthcare professionals insurance.