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ProRisk secures capacity deal with Swiss Re

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Professional Risk Underwriting (ProRisk) has switched to Swiss Re Corporate Solutions from Lloyd’s for capacity in financial lines, casualty, property, and accident and health insurance.

The binder agreement for new and renewal policies took effect last Friday and business is being transitioned over the coming month.

ProRisk Executive Director Hamish McDonald Nye says the new partnership opens up opportunities for the underwriting agency and its broking partners.

“Swiss Re Corporate Solutions is a business with an impeccable track record of delivering highly rated insurance products and industry-leading technical expertise to the market, and they share our vision for the future of ProRisk,” he said.

The 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.

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.

Swiss Re Corporate Solutions’ Head of Casualty & FinPro for Australia and New Zealand Jeremy Scott-Mackenzie says the insurer “looks forward to working with ProRisk” on projects in the works.

“We have enormous faith in their ability to profitably grow the book and provide superior service to the market.”