Amiga Specialty has launched a pension trustee liability run-off and overlooked beneficiary insurance (ROOBI) offering, aiming to help trustees deal with long-tail exposures during and following pension scheme wind-ups.

Long-tail exposures during and after wind-up, such as GMP equalisation adjustments or untraced beneficiaries, can lead to claims against trustees years after the scheme is closed.

The solution will enable Amiga to provide limits of up to £5m in the aggregate, with policy periods of up to 15 years.

It will look to support pension schemes connected to sponsors in the UK, Guernsey, Jersey, the Isle of Man, and Gibraltar.

Amiga Specialty’s team has developed a product designed to address the long-tail exposures than can occur during and after pension scheme wind-ups.

The team has more than 25 years of specialist underwriting experience, with the offering to sit alongside the managing general agent’s (MGA) financial institutions and management liability portfolios.

Amiga Specialty is engaging with brokers within its existing network and more widely, seeking to offer a responsive and experienced market for pension trustee liability and ROOBI risks.

“Pension trustee liability ROOBI is a highly specialist area requiring detailed understanding of pension scheme wind-ups and the exposures that can remain long after completion,” commented Amiga Specialty managing director – financial institutions, Jamie Ricketts.

“This product reflects that, combining our experience with a flexible, long-term solution for brokers in a market where specialist capacity remains limited.”

Amiga Specialty founder and CEO, Adam Kembrooke, added: “This is a product we have always planned to bring to Amiga.

“Backed by A-rated capacity, and alongside our broader financial lines capabilities, it further strengthens our ability to support brokers and clients with a comprehensive and specialist-led offering.”

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