Brit Ltd., the global specialty insurer, has launched a Lloyd’s consortium for commercial general aviation.
Now quoting business, the consortium is being led by Brit with capacity also being provided by Kiln, Hiscox, Apollo and Pritchard, and is the only Lloyd’s consortium set up purely for commercial general aviation. “The consortium is unique in the aviation space in being able to offer a 100 percent placement solution in Lloyd’s,” Brit said in a statement.
In response to market demands for increasing efficiency, the facility allows brokers to fully bind through just one underwriter, with Brit as the lead member.
The consortium will write hull risks of up to $10 million, covering liabilities of up to $150 million. The commercial general aviation class covers a wide range of specialty business, from firefighting helicopters to regional aircraft carriers. The consortium is broadly global in the general aviation risks it writes, a company spokesman said.
“We are seeing increasing appetite for efficiency from both brokers and underwriters and launching this consortium enables us to deliver on this demand,” commented Matt Langmead, divisional director of aviation at Brit.
“We’re proud of the consortium’s differentiated approach, particularly in streamlining the binding process through one underwriter. This is especially attractive for a complex class, such as commercial GA, where Lloyd’s ability to write specialty business is already a strong advantage,” he added.
“In a competitive market, we believe it is essential to respond effectively to the needs of both brokers and our underwriting peers to create more efficient ways of delivering solutions,” according to Matthew Wilson, group deputy CEO and global specialty CEO.
“This consortium is a great example of this, demonstrating not only our strong capabilities within the aviation space but also our willingness to work with the market to develop offerings that truly add value in a changing and competitive landscape,” Wilson went on to say.
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