Ascot has announced the launch of AscotEXEC, a new brand dedicated to its expanding management liability offerings. This new brand will provide insurance coverage for public, private, and not-for-profit organizations within the commercial and financial institution sectors.
According to company representatives, AscotEXEC is set to be formally unveiled at the upcoming PLUS D&O Symposium. At the event, segment leadership will present the brand’s products and discuss recent enhancements. These enhancements include the introduction of new offerings like primary public directors and officers coverage, 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 anticipated to launch in mid-year.
Brian Chiolan, head of management and professional liability at Ascot US, stated that the launch of the AscotEXEC brand underlines the company’s commitment to the management liability market. “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.
One significant question in the management liability sector is whether the market remains volatile. A persistent challenge has been insufficient demand, particularly from small businesses that often underestimate their exposure to risk. However, as the COVID-19 pandemic demonstrated, all businesses face potential management liability issues. The pandemic triggered a series of economic and social crises, resulting in a highly unstable environment.
In a 2022 interview, Richard Bryant, president of underwriting at Prime Insurance, suggested that market conditions might deteriorate before improving as economies recover from the pandemic’s aftermath. However, as the world moves past the pandemic, market dynamics have shifted significantly.
Sarah Roberts, management liability account executive at Brown & Riding, noted that heightened competition has compelled management liability carriers to become increasingly aggressive in both retaining existing clients and attracting new business. “Appetites rapidly changed,” Roberts said. “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 highlighted that through the launch of this new brand, the company aims to clarify its services and become “a quicker, more robust, more perfect partner for our clients in this sophisticated and highly litigated space.”
