Lloyd’s grants final approval for MPS syndicate to start trading

Asta, a third-party managing agent at Lloyd’s, has received final approval from the Lloyd’s Council for the transition of the Medical Protection Society’s (MPS) Special Purpose Arrangement (SPA) 1892 to a full market-facing syndicate, which will commence underwriting on January 1 2022.

MPS is a mutual organisation established in 1892. It protects the careers, reputations and financial security of almost 300,000 doctors, dentists, healthcare professionals and healthcare organisations around the world. MPS is offering its medical malpractice insurance for corporate providers under its Healthcare Protection brand, as part of MPS Partnerships.

In 2019, MPS, global insurer Everest and Asta announced the launch of SPA 1892, which commenced underwriting medical malpractice insurance, under delegated authority from Everest Syndicate 2786. The business will remain solely sourced from MPS through its UK and international networks. SPA 1892 was a top quartile syndicate for 2020. Under Asta’s management, in two years, it has grown to a stamp capacity of £14.7 million for 2021.

Julian Tighe, chief executive officer of Asta, said: “We are pleased that Asta has helped facilitate this next step in MPS’ development as a business. We aim to support our clients in whatever phase they are in and are looking forward to managing MPS’ progression to a full syndicate with a profitable and sustainable future.”

Simon Kayll, MPS chief executive, said: “We are thankful to Asta for their commitment and contribution in helping us establish at a leading global market like Lloyd’s. MPS has been supporting the healthcare industry for more than 125 years. For the past two years MPS Partnerships has been offering the tailored corporate insurance product of Healthcare Protection, complementing its risk prevention and professional indemnity solutions.

“The final approval for the transition to a full syndicate with Asta demonstrates MPS’s commitment to offering an innovative insurance solution to corporate healthcare providers. It also underpins our ability to service individual members' needs should regulation be introduced, as is being considered by the UK government.”