MPS syndicate to open for trading
Post date: 01/12/2021 | Time to read article: 2 mins
The information within this article was correct at the time of publishing. Last updated 01/12/2021
Asta, the leading third-party managing agent at Lloyd’s, today announces that Medical Protection Society (MPS) has been granted final approval from the Council of Lloyd’s for the transition of its Special Purpose Arrangement (SPA) 1892 to a market-facing syndicate, which will commence underwriting on 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 Healthcare Protection brand, as part of MPS Partnerships.
Julian Tighe, chief executive officer of Asta, said: “We are pleased that Asta has helped facilitate this next step in MPS’ development as a business. We aim to support our clients in whatever phase they are in and are looking forward to managing MPS’ progression to a full syndicate with a profitable and sustainable future.”
Simon Kayll, MPS chief executive, said: “We are thankful to Asta for their 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 final approval for the transition to a full syndicate with Asta demonstrates MPS’s commitment to offering an innovative insurance solution to corporate healthcare providers. It also underpins our ability to service individual members' needs should regulation be introduced, as is being considered by the UK government.”
Damian Beeley / Shipra Khanna
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Notes to Editors:
Asta Managing Agency Ltd is the leading third-party managing agent at Lloyd’s and is responsible for 11 syndicates, three SPAs and three MGAs with capacity under management in 2021 of more than £1.4bn.
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. AUML currently manages three MGAs.
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.