ArgoGlobal, part of the Bermuda-based Argo Group, has launched a new underwriting platform offering directors and officers liability (D&O) products.
The new platform, ArgoGlobal Business Connect (ABC), will exclusively serve the German small and medium-sized enterprises (SME) market, however this is set to be extended across Europe in the future with more products offered.
The service has been developed to cater to the growing demand for specialist D&O products in Germany and across the European SME sector. It allows brokers to rapidly provide D&O cover to companies with turnover up to €200 million.
Through the initiative ArgoGlobal will be able to extend its offering in the SME market by providing cover aligned with existing specialist products.
Fabian Ritzau, ArgoGlobal underwriter, said: “Demand for D&O has grown rapidly in the German SME sector driven by a combination of more stringent legislation, an increasingly empowered regulator and a more vocal and active shareholder and stakeholder base.
“Buyers have become more and more aware of their exposure and over 70 percent of D&O purchasing in the SME sector is now from first time or recent buyers. However, with only 30 percent of the market currently protected against D&O liabilities there is vast scope to furnish this growing need.
“The ABC portal has been developed in reflection of this demand and the requirements of our broking partners, allowing us to provide a service which goes far beyond anything else available.”
ArgoGlobal, Argo Group, ArgoGlobal Business Connect, Fabian Ritzau, Bermuda, Europe