Somerville boosted by Ex-Lloyd’s agency MD

Ex-managing director of Lloyd’s underwriting agency Special Risk Services, Sarah McCooey, has joined Somerville Holdings, strengthening the senior management team of the Independent underwriting and broking group.

McCooey has underwriting experience in the intellectual property insurance market (IPI). She has begun structuring an innovative IPI product for SMEs, which is due to go live in October.

Somerville-owned niche retail broker Azure Insurance Services has set up Azure Professional Risks, a dedicated IP broking and risk management service to distribute the product.

McCooey will further expand Somerville’s product range with an offering for home owners when employing builders to carry out home improvements, to be launched imminently.

McCooey said: “IPI is in great demand but, as solutions have been developed rapidly by carriers to meet that demand, product execution has not always lived up to expectation. When launched Azure Insurance, providing next generation IPI products, will deliver much improved levels of service and advice in this specialist and complex area.”