Underwriters and brokers from the London and European insurance markets at the London Underwriting centre for the launch of ALPS FI.

The Group’s ALPS system already operates in the aerospace and space markets with initiatives also underway in both marine and energy markets. ALPS enables underwriters to accurately and efficiently price specialty risks.

However as Russell Group Managing Director Suki Basi explained the need for such a system in the Financial Institutions classes was pressing. “The financial and economic crisis of the past two years has given underwriters pause for thought in terms of the FI market. For a period capacity for FI risks including D&O and E&O was extremely scarce and the available capacity was very costly.

“The problem underwriters faced was to adequately quantify and understand their exposure levels and the ALPS system enables them to do just that.”

Mr Basi added: “We have recently launched ALPS into the space market and we are planning further system roll outs into other classes in the coming 12 months. Those underwriters and brokers which have used the system in the aerospace classes over the past several years are happy to talk about the benefits they have derived from the system.”

At the launch Mr Basi provided an introduction to Russell and the ALPS system, while Product Manager Matthew Maddox gave a demonstration of the new system and its significant benefits for aggregation and pricing of risks.