ThinkRisk, Aspen Enter Underwriting Partnership
Ryan Specialty Group’s [RSG] ThinkRisk Underwriting Agency and Aspen US Insurance have entered into a new underwriting partnership. ThinkRisk will transition its existing Converging Risk program – specialized errors and omissions insurance for media, advertising, technology, privacy and network and security risks – to Aspen in the capacity as their MGU for this product in the US.
RSG Chairman Patrick G. Ryan said, “The convergence of media, technology and privacy exposures across a wide range of diverse industries requires particular underwriting expertise. ThinkRisk is an acknowledged industry leader in this segment. Aspen’s reputation as a leading global insurer with a keen focus on developing innovative specialty insurance products and their strong interest in and commitment to this segment aligns perfectly with ThinkRisk’s long-term strategic plans. We believe strongly that this partnership between ThinkRisk and Aspen will offer tremendous value to our brokers and clients.”
ThinkRisk President Nicole Haggerty noted, “Technology is a double-edged sword. While it has helped us become more efficient, it has had unintended consequences that require a diverse and comprehensive range of liability products to manage the associated risks. By partnering with Aspen, we will be able to respond to these emerging risks quickly and efficiently with innovative E&O products and risk management services for our clients.”
Bruce Eisler, Aspen’s Executive Vice President and Chief Underwriter of the Professional Liability division added, “We are excited about the opportunity to partner with Ryan Specialty Group-specifically, ThinkRisk. Aspen is able to offer both surplus lines and admitted capabilities which are anchored by our financial strength and “A” rating from A.M. Best. The converging risk liability offering with ThinkRisk provides a strong complement to Aspen’s existing stand-alone professional liability products and reflects our commitment to selectively expanding our product offering in our target market segments.”
