Ryan Specialty moves E&O program to Lloyd's from Aspen

Ryan Specialty Group L.L.C.'s ThinkRisk Underwriting Agency said Wednesday that it will transition its converging risk program from Aspen U.S. Insurance to Lloyd's of London.

The agency said the new underwriting partnership with Lloyd's syndicates will expand underwriting, increase available capacity, and enhance and expand the coverage under its current converging risk program, ThinkRisk said in a statement.

ThinkRisk's converging risk program includes specialized errors and omissions insurance for media, advertising, technology, privacy and network security risks, the statement said.

Program enhancements will include an expansion of the annual revenue capacity to $1 billion, cyber crime coverages and the ability to offer $10 million in primary policy limits; meanwhile, underwriting will offer cyber-, privacy- and media-related coverages for certain segments of financial institution and real estate classes, privately held insurers, financial advisers, mortgage brokers, real estate and title agents, and collection firms, according to the statement.

“The expansion of our converging risk program is a recognition that cyber exposures are continually changing. Underwriters that service this segment need to address these evolving exposures if they are going to be able to continue to offer relevant coverage to their policyholders,” New York-based ThinkRisk's executive vice president, Reza Khan, said in the statement.