New player joins business liability insurance market

A new player is poised to enter the business liability insurance market place as Lloyds’s of London broker Kite Warren & Wilson targets the high end small and medium-sized business asset manager and with a range of new professional indemnity insurance products.

The broker has called upon Ed Williams, former national executive director of Willis FINEX, to lead the new operation designed to target companies with assets under management of at least £500 million up to and inclusive of £100 billion.

The new unit will also have directors’ and officers’ business and professional liability insurance for professional firms.  This division of the broker’s business has been supervised by Sarah Kersch to date.

On the Lloyd’s managing agent and asset management side, KWW stated that its key offerings would be employment practice and crime liability, D&), and professional liability protections.  However the broker also stated it will be offering personal accident, key man, and pension fund trustees liability as well.

In a recent interview, Mr Williams singled out KWW’s main competitors as Willis, Marsh, and Aon.  The executive stated that the business the firm is building will focus on retail until expanding enough to delve into wholesale business.

The first few years of the new offering will be relatively small, stated Mr Williams.  KWW’s target area of minimum of £500 million in assets under management to maximum of £100 billion will allow it to predominantly focus on long-only asset managers in the UK.  However he said that KWW will also be looking at managers of high quality hedge funds.

The executive added that he was gladdened to be able to join a privately-owned company.  He expressed his hopes that that would free him from pressure to close deals in a manner that might be too swift.

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