Insurtech launches new product for small business
Counterpart, the management liability insurtech, is launching an excess insurance product for small businesses.
The excess policy, backed by Aspen Insurance Holdings Limited, the Bermudian-based re/insurer, is another offering to support small businesses in a time of heightened litigation, the company said.
Counterpart said it was the first management liability provider to utilise proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff-friendly legal environments and unrestrained legal fees.
This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, the director of CRC Group, who said: “Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.”
Counterpart offers excess insurance on directors and officers, employment practices and fiduciary liability, with a maximum limit of $3 million.
Backed by Aspen’s financial strength, the offering will be available for small businesses with fewer than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners.
Zac Clammer, executive vice-president, management liability, Aspen Insurance, said: “Counterpart has created a compelling and unique offering for small businesses.
“We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line.”
Mike Levins, head of insurance at Counterpart, said: “We always operate with the best interest of our customers and excess insurance has been a real pain point for them over the years due to decreasing limits and coverage.
“Excess insurance is the most requested product from our brokers and we have worked closely together to design a product that addresses their wants and needs.
“This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.”