Munich Re enters UK solicitors' PI market

Munich Re has entered the UK solicitors’ professional indemnity (PI) market through Pelican Underwriting.

Pelican is a new managing general agent (MGA) that has capacity from Munich Re division Great Lakes Reinsurance (UK), which has an AA- rating from Standard & Poor’s and an A+ rating from AM Best.

Pelican is also the first MGA launched by Lloyd’s managing agency Asta’s new MGA platform. It plans to launch more new products in addition to solicitors’ PI.

Pelican co-founders Paul Cusition and Jay Bowey both previously worked at Lloyd’s insurer ProSight. Cusition was ProSight’s active underwriter, while Bowey was the company’s professional indemnity class underwriter.

Cusition is Pelican’s managing director, while Bowey is a director of the new MGA.

Cusition said: “Our fresh approach combined with our experience of the market, and backing from Great Lakes and Munich Re, means that we can offer secure and reliable products.”

He added: “There have been a lot of changes in the professional indemnity insurance market over the last few years.

”Pelican offers stability and commitment to the market, combined with the highest levels of customer service. We aim to work with clients over the longer term and believe that our combination of experience, expertise and security will enable us to grow our market share.”

Bowey said: “The Pelican team has a wealth of experience and a deep understanding of the UK Solicitors’ PI market. With our launch we are able to offer a new bespoke long-term insurance solution for our clients.”