Aspen backs Counterpart excess insurance policy

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Management Liability insurtech Counterpart has announced the launch of a supplemental insurance product for small businesses, backed by Aspen.

According to Counterpart, the franchise policy is intended to support small businesses in an era of increased litigation.

Counterpart uses proprietary data and technology to address rising claims costs and legal costs, which have driven claims costs skyrocketing in recent years.

The new offering will provide excess insurance on directors and officers, employment practices and fiduciary liability, with a maximum limit of $3 million.

Backed by Aspen’s financial strength, the offering will be available to small businesses with fewer than 250 employees and less than $250 million in revenue and total assets through Counterpart’s partner wholesale brokers.

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“Counterpart has created an attractive and unique offering for small businesses,” said Zac Clammer, executive vice president, corporate responsibility, Aspen Insurance.

“We are excited to further develop our relationship and are delighted to support what we see as a natural extension of an already successful line of management liability products.”

“We always operate in the best interest of our customers and supplemental insurance has been a real issue for them over the years due to diminishing limits and coverage,” added Mike Levins, Chief Insurance Officer. at Counterpart.

“Extra insurance is the most requested product by our brokers, and we have worked closely to design a product that meets their wants and needs. This is just the beginning of what we are looking to do with our insurer partners to expand the scope of our management liability products and services.

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