Ascot Unveils AscotEXEC to Bolster Management Liability Offerings
Ascot has announced the launch of AscotEXEC, a new brand dedicated to its growing management liability business. The brand offers coverage for various organizations, including public, private, and non-profit entities, with a focus on the commercial and financial institution sectors.
According to company representatives, AscotEXEC will be formally introduced at the upcoming PLUS D&O Symposium. During the event, segment leaders will present the brand’s products and highlight recent enhancements. These include new offerings such as primary public directors and officers liability, lead side-A coverage, standalone primary employment practices liability, and standalone primary fiduciary liability. Additionally, Ascot will preview its Private Company/Non-Profit Primary Crime product, which is expected to launch mid-year.
Brian Chiolan, head of management and professional liability at Ascot US, emphasized the significance of the AscotEXEC launch. He stated that it reinforces Ascot’s commitment to the management liability sector. “Over the past year, we have responded to the evolving needs of these clients with new products and an expanded headcount – nearly doubling our underwriting and claims talent – as we ensure Ascot is built to be a one-stop shop experience for these clients,” Chiolan said.
Market Dynamics and Evolving Needs
The management liability market continues to evolve. One persistent challenge has been weak demand, particularly from small businesses. These businesses often underestimate their exposure to risk. However, as the COVID-19 pandemic demonstrated, management liability exposures are relevant for organizations of all sizes.
The pandemic triggered a series of economic and social crises, leading to a highly volatile environment. In a 2022 interview, Richard Bryant, president of underwriting at Prime Insurance, suggested that market conditions might worsen before improving as economies recover from the pandemic’s impact. However, as the world adapts to a post-pandemic reality, carrier appetites have changed rapidly.
Sarah Roberts, a management liability account executive at Brown & Riding, noted that increased competition is driving carriers to be more aggressive in retaining renewals and pursuing new business. “Appetites rapidly changed,” Roberts explained. “Carriers that had moratoriums on certain classes of business during the pandemic, like senior aging services, started considering those risks again.”
Ascot US CEO Matt Kramer framed the brand launch as a strategic move designed to streamline services and improve client experience. Kramer indicated that the launch would enable Ascot to become a “quicker, more robust, more perfect partner for our clients in this sophisticated and highly litigated space.”
