Monarch E&S launches revamped personal umbrella coverage
Monarch E&S launches revamped personal umbrella coverage | Insurance Business America
Insurance News
Monarch E&S launches revamped personal umbrella coverage
It offers up to $5 million in protection across the US
Insurance News
By
Kenneth Araullo
Monarch E&S Insurance Services, a division of Specialty Program Group LLC, has introduced an expanded personal umbrella policy, the Knight Protector, through a partnership with Obsidian Insurance Holdings.
Obsidian, which operates admitted and non-admitted insurance subsidiaries, will provide underwriting support for the policy. The Knight Protector is designed to offer enhanced personal liability coverage for individuals, families, and legal entities across the United States.
The Knight Protector policy provides liability coverage up to $5 million, aiming to safeguard assets and future earnings against potential lawsuits and claims.
Derek Borisoff (pictured above), CEO of Monarch E&S, stated that partnering with Obsidian allows the company to enhance its product offerings while leveraging A-rated paper for higher levels of protection.
“With 30 years as a leader in the personal umbrella space, our seasoned team is well-prepared to meet the nuanced needs of our clients with this exclusive product,” Borisoff said.
Obsidian’s CEO, William Jewett, highlighted the alignment of the two companies’ objectives, emphasizing Monarch’s underwriting capabilities and focus on client solutions. He also noted the strategic importance of the partnership as both companies seek to expand their footprints in the surplus lines market.
This launch comes after the US surplus lines insurance market reached a significant milestone. The market surpassed $100 billion in premiums for the first time in 2023, recording over $115 billion in direct premiums, according to a report by AM Best.
The market’s 16.8% growth over the previous year highlights six consecutive years of double-digit expansion.
The Knight Protector policy is available nationwide, including all 50 states and the District of Columbia. It covers a range of drivers, from youthful to senior, catering to families at various life stages. In addition to providing enhanced uninsured and underinsured motorist coverage, the policy offers tailored options for high-profile occupations and non-standard market risks.
International coverage extensions are also available for US-domiciled risks through affiliations like Lloyd’s of London. The policy includes up to $25,000 for reputation defense, helping clients manage the impact of disputes on their public image.
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