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PNL Pioneers New Offshore Insurance Products

Wednesday, March 14, 2012

Paul Napier Ltd (PNL), an independent Lloyd’s insurance broker that specialises in the provision of professional and financial lines insurance classes to the offshore financial services industry, has announced the arrival of a new range of insurance products for the UK and international offshore financial services industry including the trust, family trust, fiduciary and corporate service provider sectors.

The product suite, being marketed under the new "OffSure Professional” brand offers bespoke coverage for various offshore asset classes, affording coverage both in excess of regulatory mandated professional indemnity requirements as well as a range of complementary first and third party covers.

In addition to affording professional indemnity, crime and directors and officers’ liability coverage, new and exclusive protection is provided for reputational risks (for example associated with actual, or threats of, a client's confidential information being published on social media sites), and personal liabilities for non-payment of corporate taxes. OffSure Professional is designed on a user-friendly, non-prescriptive “all risks” basis.

The firm said that the security backing of this offering is provided by insurers that have a minimum S&P rating of A+ (strong).

According to PNL, these products set a new benchmark for this sector of the financial services industry, and Edward Cross, Divisional Director of Paul Napier Ltd commented that “this is the first time that such a competitively priced comprehensive product has hit the offshore financial services sector".

"Our aim is to provide the customer with a bespoke ‘one stop shop’ for their personal asset and balance sheet protection requirements, with the assurance of a professional and efficient service at all times," Cross explained.

Whilst PNL says that it will be undertaking appropriate marketing campaigns in each of the jurisdictions in which it operates, the product suite is also available on a “white label” basis for access by other brokers, in order that existing client/broker relationships may be preserved.