Aventum-owned MGA secures $1m autotransporter capacity deal

MGA Rokstone has confirmed a new $1m (£747,000) capacity deal with Lloyd’s to launch a specialist autotransporter offering within its inland marine proposition.

The deal allows Rokstone to expand its line size in response to market demand for specialised trucking products.

It also enables the MGA to offer specialised wordings and a wider range of tailored deductible structures to meet insureds’ risk retention and premium goals. 

While traditional policies often bundle motor truck cargo (MTC) and vehicle physical damage (VPD) with auto liability (AL), autotransporters are technologically advanced trucking operations with unique hazards, higher limit requirements and typically experience lower loss frequencies than traditional trucking companies. 

“They also rely on specialised policy wording and expert claims handling,” Rokstone said.

”Therefore, separating MTC and VPD from AL can provide cost savings, improve the claims experience and create greater consistency in underwriting.”

‘Critical’ gap

Rokstone felt it was filling a gap during a challenging renewal market for trucking companies by offering the necessary coverage extensions and wordings that original equipment manufacturers (OEMs) and shippers require.

Mike Nukk, head of marine at Rokstone, said: “This is great news for the market at a time when we see continued retraction in specialised segments. 

”Adding this new capacity is critical as inflation and technology improvements are causing vehicle costs to rise exponentially. Speed matters in this market – not only are we bringing innovative solutions to brokers and their clients faster than our peers, but guaranteed faster turnaround times, consistent underwriting and a superior claims experience.”