RSA expands financial risks portfolio with new product for brokers

RSA Insurance has expanded its financial risks portfolio with the launch of a Pension Trustee Liability (PTL) product.

A statement released today (27 September 2023) said the product was aimed at well-funded UK pension schemes that use independent professional advisors to manage their risk.

It has been designed to protect the liabilities of pension trustees, sponsoring employers and the fund or scheme itself against defence costs, awards and damages where actions are taken against them.

Fiona Tomlinson, portfolio lead of financial risks at RSA, said: “Rightly so, the responsibilities and duties that pensions trustees are expected to carry out is something that has grown considerably over the last 10 to 20 years and isn’t going to decrease.

“As a result, the need and demand for a high-quality product that provides protection and allows trustees to carry out their duties to best of their ability is increasing.”

Availability

Cover is available for both defined benefit and defined contribution schemes on an “any one claim basis”, RSA said.

The contract is written in the name of the pension fund and scheme being insured, with cover extending to all individual trustees, past and present, on a claims made basis and the sponsoring employer.

The product is now available to brokers and commercial lines customers throughout the UK via RSA’s mid market business.

“Bolstering our financial risks portfolio with the launch of our new PTL product offers a significant growth opportunity for us, while also helping us to better support brokers and their clients,” Tomlinson added.

“We want to widen our relationships with customers and brokers by giving them access to a suite of products that are complementary and cover a broader range of risks, making RSA a one-stop shop in the market.”