PGicover Launches Personal Guarantee Insurance for Canadian Business Loans

VANCOUVER, British Columbia--(BUSINESS WIRE)--PGI Canada Ltd., in partnership with Purbeck Insurance Services and Markel International Insurance Company Limited (Canadian Branch), today announced the launch of PGicover, Personal Guarantee Insurance, for Canadian business owners entering into loan agreements.

PGicover is designed to help business owners better understand and manage the personal financial exposure associated with personal guarantees, which are commonly required by lenders as part of commercial financing arrangements.

The product builds on the established partnership between Purbeck Insurance Services and Markel International, which has offered Personal Guarantee Insurance to business owners across the United Kingdom since 2017 and provides the foundation for PGicover in the Canadian market, distributed by PGI Canada Ltd.

The platform incorporates AI-assisted document review to support a streamlined eligibility process, helping applicants better understand their potential personal liability before signing loan documents or completing a transaction.

Personal guarantees are a standard feature of many business loans in Canada and can extend liability beyond the business to an owner’s personal assets. PGicover is designed as a risk-transfer solution that enables entrepreneurs to define and manage a portion of that exposure through insurance.

Under this structure, if a personal guarantee is enforced and the insured incurs a covered payment obligation, the policy may respond by reimbursing the covered portion, subject to the terms, conditions, exclusions, and limits of the policy.

Policies are available online on a claims-made basis, administered by Purbeck Insurance Services, a leading provider of Personal Guarantee Insurance in the United Kingdom, and underwritten by Markel International Insurance Company Limited (Canadian Branch), rated A (Excellent) by AM Best.

“We are proud to bring this solution to Canadian entrepreneurs, who are often required to take on significant personal financial risk to access capital,” said Craig Arnatt, Founder of PGI Canada Ltd. “For many business owners, a personal guarantee represents their most significant individual financial exposure, with few options historically available to mitigate that risk.”

Todd Davison, Managing Director, Purbeck Personal Guarantee Insurance, said: “The launch of PGicover is an important milestone for the Canadian market and for the growing recognition of personal guarantee insurance as a practical risk management tool for small and medium-sized business owners. In the UK, we have seen the impact this protection can have: more than 5,000 company directors have taken out cover on guarantees totaling over £700 million. For many, it has provided the confidence to pursue growth without taking on an unsustainable level of personal financial risk. We look forward to seeing PGicover bring that same clarity and protection to Canadian business owners.”

“This offering reflects the evolving needs of Canadian business owners and the importance of addressing often overlooked personal financial exposures,” said David Crozier, Chief Agent, Markel International Insurance Company Limited (Canadian Branch). “By combining specialized underwriting with an innovative approach to risk assessment, PGicover introduces a new way to help manage personal guarantee risk in the Canadian market.”

Business owners in Canada can apply through PGicover’s mobile application: https://app.pgicover.com/login.

About PGI Canada Ltd.

PGI Canada Ltd. is a specialty lines insurance broker based in Vancouver, BC, focused on Personal Guarantee Insurance. Its PGicover platform helps business owners cap the personal financial loss that can arise from the enforcement of a personal guarantee, using proprietary AI-assisted technology to streamline applications, support eligibility assessment, and accept payments. Learn more at pgicover.com.

About Markel

We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.

About Purbeck Insurance

Purbeck Insurance is a specialist provider of Personal Guarantee Insurance for small and medium-sized business owners and directors. Its policies are designed to help protect individuals who have signed personal guarantees in support of business loans or other financial commitments, with cover available for up to 80% of personal guarantee exposure. Backed by Markel International, a global A-rated insurer, Purbeck’s offering helps business owners manage personal financial risk with greater confidence and peace of mind.