“Exciting times are ahead for the insurance industry as Ryan Specialty Underwriting Managers (RSUM), a leading provider of specialty insurance products and services, announces the launch of a brand-new business unit. This strategic move marks a significant milestone in the company’s ongoing efforts to drive innovation and growth, and we’re thrilled to dive into the details.
As the insurance landscape continues to evolve at a rapid pace, RSUM is staying ahead of the curve by creating a dedicated business unit focused on capitalizing on emerging trends and opportunities. With a laser-like focus on identifying and addressing the unique needs of its clients, this new unit promises to revolutionize the way insurance is underwritten, managed, and serviced.
Emergin Risk Launches [In]fuse 2.0: Enhanced Professional Liability Insurance for U.S. Agents and Brokers
Emergin Risk, a managing general underwriting firm under Ryan Specialty Group, has launched [In]fuse 2.0, an enhanced professional liability insurance program designed for U.S. insurance agents and brokers.
About Emergin Risk
Emergin Risk is a division of RSG Underwriting Managers and part of the Ryan Specialty Group family. As a managing general underwriting firm, Emergin Risk offers specialized professional liability insurance products for U.S. businesses, including cyber, errors and omissions, media, and not-for-profit and private company directors and officers related coverages.
Program Overview
The new policy form, which has the new name [In]fuse 2.0, offers a more generous 70/30 consent to settle “hammer” and expands the definition of an “Insured”. Additionally, several exclusions have been removed from the original product, including bad faith and “insured v. insured”. The enhanced program is designed to provide broad protection for the evolving professional liability exposures faced by mid-to-larger size U.S. insurance agents and brokers.
- Increased sub-limits for important coverages such as governmental and disciplinary proceedings and subpoena expenses and time off work expenses for the policyholder and its employees.
- Catastrophic extra expense coverage was added to the new policy.
- Several exclusions have been removed from the original product, including bad faith and “insured v. insured”.
- The program now offers a more generous 70/30 consent to settle “hammer” and a more generous 75% consent to settle.
- The expanded definition of an “Insured” allows policyholders to have greater control over their coverage.
Key Features and Benefits
The enhanced [In]fuse 2.0 policy is designed to provide broad protection for the evolving professional liability exposures faced by mid-to-larger size U.S. insurance agents and brokers. The program’s key features and benefits include:
- Increased sub-limits for important coverages such as governmental and disciplinary proceedings and subpoena expenses and time off work expenses for the policyholder and its employees.
- Catastrophic extra expense coverage was added to the new policy.
- Several exclusions have been removed from the original product, including bad faith and “insured v. insured”.
- The program now offers a more generous 70/30 consent to settle “hammer” and a more generous 75% consent to settle.
- The expanded definition of an “Insured” allows policyholders to have greater control over their coverage.
Claims Handling
Claims handling for [In]fuse 2.0 continues to be coordinated by Sedgwick, a leading global claims management company. The claims handling process for [In]fuse 2.0 is designed to be more efficient and streamlined, ensuring that claims are processed quickly and efficiently.
Program Structure
The [In]fuse 2.0 policy is structured as follows:
- Underwriting: The insurance underwriter will review the policy to determine the level of coverage required.
- Pre-Launch Review: The insurance underwriter will conduct a pre-launch review to determine the level of coverage required and the policyholder’s fit for the program.
- Launch: The policy will be launched and the policyholder will be notified.
- Claims: Claims handling will be coordinated by Sedgwick.
Program Management
For information about this product, please contact Alexis Licursi, AVP – Program Manager at [email protected] or 860-506-6807.
About RSG Underwriting Managers
RSG Underwriting Managers is a Delaware series limited liability company and a subsidiary of Ryan Specialty Group, LLC, a leading international specialty insurance organization designed specifically for brokers, agents, and insurers.
Conclusion
In conclusion, the formation of a new business unit by Ryan Specialty Underwriting Managers marks a significant milestone in the company’s strategic growth and expansion. As discussed in the article, this development is a direct response to the evolving landscape of the insurance industry, with a focus on addressing emerging risks and capitalizing on new market opportunities. By establishing this new unit, Ryan Specialty aims to enhance its underwriting capabilities, foster deeper relationships with clients and partners, and solidify its position as a leading player in the specialty insurance market.
The implications of this move are far-reaching, with potential benefits extending to clients, partners, and the broader insurance ecosystem. By leveraging its expertise and resources, Ryan Specialty is poised to drive innovation, improve risk management outcomes, and contribute to the growth and resilience of the industry as a whole. Looking ahead, this development is likely to have a ripple effect, inspiring other market participants to re-evaluate their strategies and adapt to the changing landscape. As the insurance industry continues to navigate complexity and uncertainty, Ryan Specialty’s proactive approach serves as a powerful reminder of the importance of agility, innovation, and collaboration.
Ultimately, the creation of this new business unit by Ryan Specialty Underwriting Managers sends a clear message: in an era of unprecedented change and disruption, the insurance industry must be bold, forward-thinking, and committed to delivering value to all stakeholders. As we look to the future, one thing is certain – the companies that thrive will be those that are willing to challenge the status quo, invest in innovation, and prioritize the needs of their clients and partners. The question is, will others follow Ryan Specialty’s lead, or will they risk being left behind?