London-based Verve Risk Services has launched a new captive insurance product and its broker portal, Verve Aura. The micro-captive defender product was developed in collaboration with Michael Maglares & Company. Verve is supported by managing general agent services platform OneAdvent and recently recured investment from BP Marsh.

Scott Simmons, director at Verve, said: “This includes coverage for fines and penalties related to IRS investigations arising from 831(b) status, the exploitation of which has rocked the captive marketplace.”