Specialist European insurer ArgoGlobal launched a new offering directors and officers liability offering for the German small and medium-sized enterprises market.
ArgoGlobal Business Connect has been developed in response to the growing demand for specialist D&O products in Germany and across the European SME sector.
The platform will be extended across Europe and broadened to include further products.
ABC offers a platform from which brokers can rapidly provide D&O cover to companies, with turnover up to €200 million.
The initiative will allow ArgoGlobal to extend its offering in the SME market by providing cover which aligns with its existing specialist products.
Fabian Ritzau, ArgoGlobal underwriter, said: “Demand for D&O has grown rapidly in the German SME sector driven by a combination of more stringent legislation, an increasingly empowered regulator and a more vocal and active shareholder and stakeholder base.
“Buyers have become more and more aware of their exposure and over 70 percent of D&O purchasing in the SME sector is now from first time or recent buyers. However, with only 30 percent of the market currently protected against D&O liabilities there is vast scope to furnish this growing need.”