Portfolio manager says contingency market is going through a ‘boom time’
Aventum-owned Rokstone has launched a new contingency portfolio that will provide a same-day quote turnaround for brokers.
A statement released yesterday (30 November 2023) said the new account will receive backing from A rated carriers and cover a range of risks.
This includes event cancellation, death, disability and disgrace, transmission failure, media business, ticket refund, some non-appearance and bespoke, complex risks.
It will initially target the UK and Europe, although Rokstone has plans to expand in other regions, including North America, in 2024.
David Boyle, portfolio manager for contingency and managing director of special risks at Rokstone, said it was launching the portfolio after seeing a “boom time” in contingency following the Covid pandemic.
“We’re delighted to launch our contingency account with a same-day quote turnaround for brokers,” he said.
“Despite inflation and the cost-of-living crisis, consumer spending on ticketed events and entertainment hasn’t reduced,” he added.
“But it remains a volatile area of the market. During Covid, contingency was the biggest contributor to Lloyds’ total losses and carriers are rightly cautious. Wordings are restrictive and prices have risen by up to 400% in some areas.”
Brokerslink, for example, highlighted earlier this year (23 August 2023) that it had seen an “increase in event cancellations” in recent years, so “now more than ever, it is crucial to be prepared for such risks”.
Rokstone believes its access to actuarial services will further support the proposition iin providing “deep analytical and accurate pricing capabilities”.
It also hopes to grow the new portfolio to over £30m gross written premium (GWP) in three years.
“Our appetite for this business is niche, well considered and data driven and securing this facility highlights how carriers know and trust our expertise in this market,” Boyle said.
She was selected for the Women in Journalism Senior Mentoring Scheme in 2019 and, in 2022, went on to win the Highly Commended Award in the Most Promising Newcomer category at the British Insurance Brokers’ Association (BIBA) Journalist and Media Awards.
At BIBA’s 2023 awards, she was shortlisted for the Best Investigative Journalism category.View full Profile