Counterpart, the management liability insurtech, has teamed up with Aspen Insurance to roll out an excess insurance product for small businesses.
The product, which is backed by Aspen’s financial strength, was built to address the demand from Counterpart’s broker partners at a time of heightened litigation, according to the company.
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It will offer Excess insurance on directors and officers, employment practices and fiduciary liability, with a maximum limit of $3m.
Counterpart’s wholesale broker partners will provide the offerings to small businesses with less than 250 employees and less than $250 million in revenue and total assets.
The launch of Counterpart’s new offering comes amid a spike in claims expenses due to plaintiff-friendly legal environments and unrestrained legal fees.
Aspen Insurance Management Liability executive vice-president Zac Clammer 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.”
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By GlobalDataCounterpart head of Insurance Mike Levins said: “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.”
In January this year, Enstar Group, through one of its subsidiaries, struck a loss portfolio transfer deal with Aspen for policies issued in 2019 and before.
