Asta, the leading third-party managing agent at Lloyd’s, today announces it has received “in principle” approval from the Lloyd’s Council for the transition of the Medical Protection Society’s (MPS) Special Purpose Arrangement (SPA) 1892 to a full syndicate, effective 1 January 2022.
MPS is a mutual organisation established in 1892. It protects the careers, reputations and financial security of almost 300,000 doctors, dentists, healthcare professionals and healthcare organisations around the world. MPS is offering its medical malpractice insurance for corporate providers under its new Healthcare Protection brand, as part of MPS Partnerships.
In 2019, MPS, global insurer Everest and Asta announced the launch of SPA 1892, which, commenced underwriting medical malpractice insurance under delegated authority from Everest Syndicate 2786. The business was and remains solely sourced from MPS through its UK and international networks. The MPS SPA was a top quartile syndicate for 2020. Under Asta’s management, in two years, the business has grown to a stamp capacity of £14.7 million for 2021.
The new syndicate has a well-established team led by Martin Burns as active underwriter. Burns brings more than 24 years of underwriting experience at MPS.
Simon Kayll, MPS chief executive, said: “We are looking forward to this new phase in the development of our business and are thankful to both Everest and Asta for their unwavering commitment and contribution in helping us establish at a leading global market like Lloyd’s.
“MPS has been supporting the healthcare industry for more than 125 years. For the past two years MPS Partnerships has been offering the tailored corporate insurance product of Healthcare Protection, complementing its risk prevention and professional indemnity solutions.
“The transition to a full syndicate with Asta demonstrates MPS’s commitment to offering an innovative insurance solution to corporate healthcare providers. It also further enhances MPS’s ability to service individual members' needs should regulation be introduced, as is being considered by the UK government.”
Julian Tighe, chief executive officer of Asta, said: “We have built a strong relationship with the MPS team and are proud to have helped them reach this milestone. Asta will continue to support them as their business evolves and they embark on the next stage of their endeavours as a full syndicate. Although the new syndicate will start small, we hope our cost-effective management will assist them in fulfilling their ambitions sustainably.”
ENDS
MPS: Mike Bridge
[email protected];
+44 (0)7773 573303
Asta: Damian Beeley / Shipra Khanna
[email protected];
[email protected]
+44 (0)207 562 4444
About MPS
The Medical Protection Society Limited (“MPS”) is the world’s leading protection organisation for doctors, dentists and healthcare professionals. We protect and support the professional interests of almost 300,000 members around the world. Membership provides access to expert advice and support and can also provide, depending on the type of membership required, the right to request indemnity for any complaints or claims arising from professional practice.
Our in-house experts assist with the wide range of legal and ethical problems that arise from professional practice. This can include clinical negligence claims, complaints, medical and dental council inquiries, legal and ethical dilemmas, disciplinary procedures, inquests and fatal accident inquiries.
Our philosophy is to support safe practice in medicine and dentistry by helping to avert problems in the first place. We do this by promoting risk management through our workshops, E-learning, clinical risk assessments, publications, conferences, lectures and presentations.
MPS is not an insurance company. All the benefits of membership of MPS are discretionary as set out in the Memorandum and Articles of Association.
About Asta
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for 11 syndicates and three SPAs with capacity under management in 2021 of more than £1.3bn:
- Syndicate 1729 and SPA 6131 (Dale Underwriting Partners)
- Syndicate 2525 (Ive)
- Syndicate 2689 (Verto)
- Syndicate 2786 and SPA 1892 (Everest)
- Syndicate 4242 and SPA 6123 (Beat)
- Syndicate 5886 (Blenheim)
- Syndicate 3268 (Agora)
- Syndicate 1980 (Pioneer)
- Syndicate 2288 (Victor)
- Syndicate 4747 (Carbon)
- Syndicate 1609 (Mosaic)
MGAs:
Asta Underwriting Management Limited (AUML) brings the skills, experience and capabilities of the leading third party managing agency at Lloyd’s to the MGA market.
MGA under management:
- Arma Underwriting Limited
- BPBUW Management (including David Ashby Underwriting)
- Paul Witzenfeld MGA