Marintec is an underwriting agency which operates as both a Lloyd’s Correspondent and Lloyd’s Coverholder, with a specific focus on marine and liability risks. The business combines their underwriting capacity with a team of international specialists overseeing claims handling and management. With PI mandated for Italian dentists professionals, the company’s PI offering will be the first fully compliant product adhering to new legislation concerning the Italian market.
The partnership will allow Marintec to improve its professional offering, as the agency targets key segments including dentistry insurance. This includes PI coverage offered to this profession. The highly sophisticated PI product will take into account the risk profile of the insured, in order to calculate the most accurate insurance premium based on “bonus malus” structure.
In addition, Marintec will also now be able to offer its clients a wider spread of insurance products based on their capabilities to tailor the product to the needs of the insured, either through an individual or a scheme coverage.
As the Italian SME sector continues its recovery post-2008 events of the International Financial Credit crisis, an increasing number of small and medium sized businesses have expanded and must now adhere to professional insurance regulations. With the number of insurable enterprises in the country now over a million, the market for Professional Indemnity Insurance in Italy is expected to increase in size and will generate up to €1.14 billion GWP by 2017*.
The announcement is part of PartnerRe’s continued expansion into the SME sector, as the company’s wholesale division has recently entered into a number of new geographical markets. Since launching two years ago, PartnerRe Wholesale has grown its business and now has a substantial portfolio of specialist partners, managing general agents (MGAs), insurers or brokers, across a number of regions.
Ciro Carotenuto, CEO of Marintec commented:
“This is an exciting time for Italian underwriters as there is a significant opportunity for us in the SME sector, especially as PI has been a compulsory insurance for many professions since August 2012. We are proud to offer the first fully compliant PI insurance to the market and therefore anticipate a keen interest from professions such as the dental industry for our products to make sure they are adequately insured. Our partnership with PartnerRe Wholesale will strengthen our broader product offering and help us better access this market.”
Marc van der Veer, General Manager of PartnerRe Wholesale added:
“Our role is to support our regional distribution partners and help them grow their business. We are delighted to partner with Marintec who have a considerable local network and are experts in this sector. As the first fully compliant PI product on the market, the potential for growth across the business is exciting, and we are looking forward to playing a role in the Marintec’s growth”.
*Source: Finaccord, Professional Indemnity Insurance in Europe, (2013)
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