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Westfield Specialty adds new MPL coverages as market competition rises
The discussion says the carrier has introduced two new policy coverages in recent months and is building out MPL forms, coverages, rates, and service.
Westfield Specialty is expanding in the miscellaneous professional liability, or MPL, space as brokers face a more competitive US insurance market, with industry panelists focusing on how insurers and brokers can align on coverage for gray-area risks.
In a roundtable with Insurance Business, Westfield Specialty executives said they created two new policy coverages in recent months. Panelists also emphasized that relying on coverage documents alone is insufficient without operational support that can help manage clients' claims needs.
The discussion further warned that growth can strain governance, creating potential inconsistencies when broker demand outpaces internal controls. It also noted that underwriting and loss analysis should be treated as a data point, not a strategy by itself.
Westfield Specialty said it identified MPL as a gap in its specialty portfolio after operating in other specialty lines, and then spent more than a year developing MPL forms, coverages, rates, and service as it built out the new offering. The roundtable was presented in connection with Westfield Specialty.