Marsh UK has arranged a property facility that will provide up to $425 million of non-catastrophe capacity in the London market for US and Canadian companies. The facility can also be adapted to provide up to $262.5 million of non-critical catastrophe capacity and up to $111.75 million of critical catastrophe capacity.
Two Lloyd’s syndicates, Catlin Syndicate SJC2003 and Ascot Syndicate RTH1414, will lead the majority of the cover, with the authority to bind non-catastrophe capacity on behalf of most following markets.
Richard Marks, a Vice President in Marsh’s US Property Placement Practice, commented: “This facility is one of a kind in the market. Not only does it mean that procuring capacity will be much faster and more efficient, it will also give much needed flexibility to our clients by providing either a 100 percent or part solution to meet their demand for excess of loss insurance cover.”
He also noted that while the facility is primarily aimed at US and Canadian-domiciled clients, “it will cover worldwide exposures. With a minimum attachment point of $250 million, it can also be used as quota share capacity as a part of a larger limit. Additional excess of loss capacity is also available to build a larger limit.”
Security for the product is composed of $325 million from syndicates at Lloyd’s and $100 million from Lancashire UK Limited. The mining and processing of natural resources and contingent business income classes are excluded from coverage.
Source: Marsh – www.mmc.com
Topics USA New Markets Property London
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