PI-focused MGA wins long-term capacity deal with specialty insurer

Specialist professional indemnity (PI) MGA Kova Professions has secured a five year capacity commitment from specialty insurer Hadron UK.

Kova is a PI specialist that focuses on mid-market SME businesses across various sector of the UK economy.

The MGA was launched in March this year by Kate Albert, who has 20 years’ experience in PI as well as experience in roles such as head of underwriting at Landmark Underwriting and senior associate at the FCA. 

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

“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.

Hadron UK, which rebranded from Folgate Insurance when it was acquired by US-based Hadron Specialty in February this year, has already begun providing capacity as of the deal’s announcement yesterday (4 November 2024). 

Strategic move

Commenting on the deal, Kova chief executive Albert said: ”Our alignment with Hadron as capacity provider is a strategic move that supports our long-term growth and commitment to the professional indemnity market.

”With this five-year capacity agreement, we’re positioned to build on the solid foundation from Accelerant and continue offering high-quality, reliable coverage to our clients.

”This transition marks a meaningful step forward, enabling us to continue delivering the stability and tailored support our brokers and insureds count on as we grow.”