International specialist re/insurance managing general agent (MGA) Rokstone has secured a $1 million new capacity deal backed by Lloyd’s to launch specialist Autotransporter solutions as part of its plans to become a premier inland sea MGA.
The transaction enables Rokstone to fill a critical gap in the market and expand the scale of its product lines to meet market demand for specialized trucking solutions.
With Lloyd’s additional capabilities, Rokstone will be able to deliver specialized wording and a wider range of bespoke deductible structures to meet insured premium targets and risk retention objectives.
Rokstone explains that this is critical in a market that has historically suffered from a lack of choice, contraction and limited flexibility.
Traditional policies typically bundle motor freight (MTC) and vehicle physical damage (VPD) with auto liability (AL). However, motor carriers are technologically advanced trucking operations with unique hazards, higher restriction requirements, and typically less frequent losses than traditional trucking companies.
Because MTC and VPD require more specialized claims management and specialized language, separating MTC and VPD from AL can reduce costs, improve the claims experience, and create more consistent underwriting.
Rokstone Marine’s new capacity enables it to expand its addressable market to include a larger specialty fleet business. and fills a glaring gap for trucking companies in the challenging renewal market by providing the necessary coverage extensions and wording that original equipment manufacturers (OEMs) and shippers need.
Mike Nukk, head of marine operations at Rokstone, commented: “This is great news for the market as we see the specialist segment continuing to shrink. Adding this new capacity is vital as vehicle costs rise exponentially due to inflation and technological advances.
“Speed ​​is important in this market; not only do we deliver innovative solutions to brokers and their clients faster than our peers, but with the advanced technology capabilities of our expert global team and our proprietary underwriting and distribution platform, ATOMX, we also guarantee faster turnaround times, consistent underwriting and a superior claims experience.”
