The enhanced Maven facility is designed to meet the requirements of a range of professionals in England and Wales including, but not limited to accountants, construction experts, information technology and media consultants, and solicitors, who earn up to GBP25 million in annual fee income and require up to GBP5 million of professional indemnity insurance.
In 2016, Maven will broaden its geographic reach to include Aon’s EMEA retail network, whilst further expanding its product offering to UK brokers.
The facility can be accessed by regional brokers on behalf of their professional clients and offers the expertise of specialist underwriters and claims handlers through Aon Claims Solutions.
Maven, a managing general agent (MGA) launched in 2014 and a trading name of Aon Underwriting Managers (AUM), was developed by Aon Risk Solutions and Aon Benfield, the reinsurance intermediary of Aon plc. It draws on the firm’s expertise in data, analytics and portfolio solutions, in order to create a stable and sustainable solution in this specialist area.
Chris Lee-Smith Managing Director Aon Affinity and Director of Growth, said: “Helping professionals to find the indemnity cover they need through their chosen broker is at the core of our strategy, and so we aim to work with a wide range of brokers to create wholesaling arrangements with Maven. Our comprehensive criteria for professions and our willingness to cover businesses at different stages of their development, whether they are start-ups or well-established firms, should encourage brokers to approach us to utilize the facility.”
Andrew Matson, Managing Director of Aon Benfield’s ReSolutions team, added: “The expansion of Maven’s Professional Indemnity cover further demonstrates our commitment to structuring innovative product solutions to satisfy the needs of our clients. By using our MGA capabilities and internationally licensed capacity, we have developed and managed a stable portfolio in a volatile class, thereby allowing for further expansion in capabilities and geographical scope.”
The enhanced Maven facility allows regional brokers to offer new or increased capacity to their clients in the area of professional indemnity insurance. Such wholesaling is a growth sector in the UK, contributing £5.8bn in commercial premium income.
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