’There has been a mounting level of frustration in the market at poor outcomes and unwillingness to actively underwrite in the PI space,’ says chief executive

A new managing general agent (MGA) offering professional indemnity (PI) insurance solutions to mid-market small and medium sized enterprises (SMEs) has launched in the UK.

launch (3)

Read: New accident, absence, health and travel insurance MGA launches

Read: New healthcare underwriter launches under leadership of former Axis executive

Not subscribed? Become a subscriber and access our premium content

Explore more MGA-related content here or discover other news stories here

Called Kova Professions, the new business is backed by a long-term capacity arrangement with a panel of AM Best A- rated providers.

And Kate Albert, who has 20 years of PI experience, will lead the firm as its chief executive.

Roles she has held during her career include head of underwriting at Landmark Underwriting and senior associate at the FCA.

In her new role, she will help Kova build broker relationships and leverage technology and underwriting expertise to ensure the implementation of risk management practices.

“Kova provides a no-fuss approach – our PI product is designed for simplicity and ease and is expertly tailored to buyers’ needs,” she said.

“We are compliance-driven and committed to doing the right thing, especially when it comes to paying valid claims promptly.

“While our current focus is on mid-sized companies, we will move up to larger businesses as we grow and expand into international markets.”

‘Poor outcomes’

Albert added that the business was launched after seeing “poor outcomes and an unwillingness to actively underwrite in the PI space”.

Read: New UK real estate MGA to launch in early 2024

Read: MGA Ventis launches in UK

Explore more MGA-related content here or discover other news stories here

According to Kova, the firm will set “itself apart with innovative coverage options, personalised risk assessments and responsive claims handling”.

The business will open its doors for business with the support of Mission Underwriters, which helps underwriters establish their own specialist MGAs.

“The drive behind establishing Kova was to deliver an improved service to brokers,” Albert said.

“There has been a mounting level of frustration in the market at poor outcomes and unwillingness to actively underwrite in the PI space.

“Our small, experienced team is empowered to help to address that by making decisions efficiently and without hassle.

“We care about outcomes for our brokers and clients and have seen first-hand the pain points that they experience. “

Topics