The Lloyd’s Council has approved the Medical Protection Society’s (MPS) transition to a full syndicate allowing MPS to continue providing malpractice insurance at a larger scale.
MPS, a mutual organisation established in 1892, protects the careers, reputations and financial security of almost 300,000 doctors, dentists, healthcare professionals and healthcare organisations around the world.
It is offering medical malpractice insurance for corporate providers under its Healthcare Protection brand, as part of MPS Partnerships.
The announcement means Asta, a third-party managing agent at Lloyd’s, has received approval “in principle” from the council for the transition of the MPS Special Purpose Arrangement (SPA) 1892 to a full syndicate from 1 January 2022.
In 2019, MPS, global insurer Everest and Asta announced the launch of SPA 1892, which began underwriting medical malpractice insurance under delegated authority from Everest Syndicate 2786.
The business was and remains solely sourced from MPS through its UK and international networks. Under Asta’s management, in two years, the business has grown to a stamp capacity of £14.7m for 2021.
The new syndicate is led by Martin Burns as active underwriter who brings more than 24 years of underwriting experience at MPS.
Simon Kayll, chief executive of MPS, (pictured) said: “We are looking forward to this new phase in the development of our business and are thankful to both Everest and Asta for their unwavering commitment and contribution in helping us establish at a leading global market like Lloyd’s.
“MPS has been supporting the healthcare industry for more than 125 years. For the past two years MPS Partnerships has been offering the tailored corporate insurance product of Healthcare Protection, complementing its risk prevention and professional indemnity solutions.
“The transition to a full syndicate with Asta demonstrates MPS’s commitment to offering an innovative insurance solution to corporate healthcare providers. It also further enhances MPS’s ability to service individual members’ needs should regulation be introduced, as is being considered by the UK government.”
Julian Tighe, chief executive officer of Asta, added: “We have built a strong relationship with the MPS team and are proud to have helped them reach this milestone.
“Asta will continue to support them as their business evolves and they embark on the next stage of their endeavours as a full syndicate. Although the new syndicate will start small, we hope our cost-effective management will assist them in fulfilling their ambitions sustainably.”
