Core Specialty backs new RPS lawyers professional liability program
Core Specialty Insurance has partnered with Risk Placement Services (RPS) to provide lawyers professional liability cover.
The partnership will build on RPS’s underwriting and marketing experience in the professional liability and errors and omissions marketplace, as well as complement Core Specialty’s non-standard lawyers' product.
The new RPS signature programs will be available nationwide, except in Alaska, with an A- (excellent) AM Best rating, and will provide lawyers professional liability (LPL) coverage to small to mid-size law firms.
Commenting on the new program, Adrienne Woodhull, area president with RPS Signature Programs, said: “RPS Signature Programs has more than 35 years of underwriting experience with the primary focus on this line of business.”
“We are using our expertise in professional liability writing $30,000,000 in premium placed this past year, which means that when you have questions, we have answers,” she added.
Jeff Consolino, president and CEO of Core Specialty, said, "When Core Specialty completed the recapitalization of StarStone US Holdings, Inc on November 30, 2020, we established the errors and omissions professional liability division and recruited Jeff Jacobs as division president to increase our focus on these product lines.
“We believe many professional liability classes are continuing to see strong opportunity after changes in appetite in the admitted market created a void that has not yet been filled by E&S market,” he added.
Earlier this week, Core Specialty Insurance entered a new $300mn revolving credit facility with three banks, including BMO Harris Bank serving as administrative agent.
The carrier launched in November 2020 on the closing of the purchase and recapitalization of StarStone with Consolino as CEO and Ed Noonan as executive chairman.
In April, Core Specialty entered a partnership with Howden-owned MGA Dual Commercial to provide primary and excess professional liability and struck its first M&A deal with an agreement to add Lancer Financial Group.