Munich Re division Great Lakes to provide capacity to newly formed underwriting agency
Pelican Underwriting management has launched and entered the UK solicitors’ professional indemnity (PI) market.
The managing general agent (MGA) is backed by capacity from Munich Re division Great Lakes Reinsurance (UK), which has an AA- rating from Standard & Poor’s and an A+ rating from AM Best.
Pelican is the first MGA launched by Lloyd’s managing agency Asta’s new MGA platform. It plans to launch more new products in addition to solicitors’ PI.
Pelican co-founders Paul Cusition (pictured) and Jay Bowey both previously worked at Lloyd’s insurer ProSight. Cusition was ProSight’s active underwriter, while Bowey was the company’s professional indemnity class underwriter.
Cusition is Pelican’s managing director, while Bowey is a director of the new MGA.
Cusition said: “Our fresh approach combined with our experience of the market, and backing from Great Lakes and Munich Re, means that we can offer secure and reliable products.”
He added: “There have been a lot of changes in the professional indemnity insurance market over the last few years.
”Pelican offers stability and commitment to the market, combined with the highest levels of customer service. We aim to work with clients over the longer term and believe that our combination of experience, expertise and security will enable us to grow our market share.”
Bowey said: “The Pelican team has a wealth of experience and a deep understanding of the UK Solicitors’ PI market. With our launch we are able to offer a new bespoke long-term insurance solution for our clients.”