The MLP aims to protect businesses from a range of risks, including insolvency-related claims, fraud, accident and regulatory changes. Credit: Suri_Studio/Shutterstock.

UK-based digital commercial insurance platform Aurora has partnered with insurance major AXA to launch a new MLP. 

According to Aurora, the current unstable market keeps exposing the risks that all companies must deal with as well as very real and frequent situations that could put them in legal trouble.  

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These include fraud, major accident and injury, directors’ and officers’ claims relating to insolvency, and tightening regulations. 

Aurora said its algorithmic underwriting approach allows it to provide tailored limits of liability, alongside risk management insights and support, through its collaboration with rradar, a litigation and commercial law company. 

The MLP is divided into three main sections – directors and officers liability, employment practices liability and corporate legal liability.  

It addresses a spectrum of concerns such as regulatory intervention, employment disputes, pension issues, contract disagreements and data protection, including General Data Protection Regulation. 

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Aurora co-founder and chief executive Jan-Vincent Finn said: “Businesses have never been as vulnerable as they are today. Working in close partnership with our partner, AXA, we believe we are able to offer our clients market-leading protection, whilst being able to provide a greater level of insight and education. Supporting our clients [to] better understand the risks they face and, through rradar, guidance and support to mitigate their exposures.” 

The introduction of the MLP comes on the heels of Aurora securing £2.5m ($3.13m) in September 2023.  

At that time, the company said it will use the proceeds to fast-track its algorithmic trading capabilities and expand product offerings to include cyber, property and business interruption, professional indemnity, public liability and employers’ liability in the near future.