Allianz Cornhill has entered the directors' and officers' (D&O) insurance market, hoping to tap into the burgeoning demand from SMEs.
D&O will be available as part of Allianz's Commercial Select product, and is aimed at the mid-corporate sector, a market Allianz sees as undergoing significant growth.
SMEs are buying D&O cover at three times the rate they were in 2002. As a result the D&O market, valued by the DTI at £600m GWP, is expected to top £1bn as early as 2010.
"Feedback from our brokers suggested a significant business opportunity," said Gavin Dollings, casualty manager at Allianz Cornhill Commercial.
Only 15% of mid-corporate sector businesses currently have D&O cover, according to a survey by Hiscox.
"With few competitors, we see the potential for increased take up in the mid-corporate sector. We anticipate becoming a long-term player in this market," Dollings added.
It is the second policy the insurer has unveiled this year.
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