Markets/Coverages: Price Forbes Adds Construction Capacity to Cross-Class Facility

Price Forbes, the London-based re/insurance broker, announced the further expansion of its exclusive cross-class facility, Lectio, to include construction/builders risk coverage.

Lectio will automatically follow pre-approved Lloyd’s leaders across placements for short-period construction within the U.S., Canada and Australia.

Price Forbes launched Lectio in April 2021 and at that time, covered cargo, specie, financial products, healthcare and marine insurance with approximately $350 million in gross written premiums (GWP) in scope.

Today, the facility has been expanded across multiple classes, including aviation, cargo/stock throughput, cyber, onshore and offshore energy, financial institutions, marine, worldwide property, power and now, construction/builders risk with approximately $1.2 billion of premium, now in scope. Lectio enables Price Forbes’s clients, and their brokers guaranteed access to its exclusive capacity.

“The new capacity represents a significant advancement for the Lectio facility, underlining the value of our data strategy and the confidence placed in it by best-in-class insurers,” commented Dan Walsh, chief underwriting officer of Lectio, in a statement. “Importantly, it will provide significant benefits to clients through increased efficiency and the ability to provide further tailored solutions.”

John Thompson, CEO Price Forbes Broking said: “Developments like this don’t happen quickly or often. They are the result of years of hard work and investment, so I’m delighted that our team has got this new class of business across the line. With this additional construction capacity, we can continue to provide our clients with the exceptional service and flexibility they have come to expect from Price Forbes.”

Price Forbes is part of The Ardonagh Group. one of the world’s largest independent insurance distribution platforms and a top 20 global broker.

Source: Price Forbes

Topics Construction