Core Specialty Insurance Holdings, Inc. and its subsidiaries is pleased to announce to its brokers a new agreement with Risk Placement Services ("RPS") to provide lawyers professional liability. RPS is a leading specialty program manager in the professional liability and errors & omissions marketplace. The new relationship will build on RPS's underwriting and marketing experience in this niche. The program is now available on a non-admitted basis and the Company plans on offering admitted based coverage upon completion of its filings. This program, for standard market lawyers business with RPS, was established to complement Core Specialty's non-standard lawyers product, offered through the Company's limited distribution, and Core Specialty remains committed to servicing this market segment long-term.
This new RPS Signature Programs offering will be available Nationwide (except AK) on A-(Excellent) AM Best Rating, Financial Size Category XI, and will provide Lawyers Professional Liability (LPL) coverage for small- to mid-sized Law Firms.
Highlights of the Lawyers Professional Liability Program are:
1 to 50 Attorney Firms
Broad Definition of Professional Services
Claims Expenses in addition to the limit of liability available
First Dollar Defense deductible available
50% reduction for agreement to use mediation and the claim is settled at mediation (Up to $25,000)
Per Claim and Aggregate deductible options
Relaxed Consent to Settle Clause 50/50
Limits of Liability up to $5,000,000 available
"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,"
- Adrienne Woodhull, area president with RPS Signature Programs.
Jeff Consolino, President and Chief Executive Officer of Core Specialty commented, "When Core Specialty completed the recapitalization of StarStone U.S. Holdings, Inc. on November 30, 2020, we established the Errors & 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 markets."
About Core Specialty
Core Specialty offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge, offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. The Company is rated A- (Excellent) by AM Best.
About RPS Signature Program
RPS Signature Programs manages a variety of specialized programs on behalf of highly rated carriers, offering proprietary insurance solutions in niche markets. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs is a division of Risk Placement Services, one of the nation's largest specialty insurance product distributors.