Three of the largest U.S. wholesale firms — CRC, AmWINS Brokerage, and Swett & Crawford — have launched a $25 million public directors and officers insurance program at Lloyd’s of London called the CAS Facility. The facility, which offers excess and/or side A difference-in-conditions coverages, is only available through those three wholesale brokers. They will begin binding risks with effective dates starting on December 1, 2014.
Aimed at the North American market, the CAS Facility is an A-rated program backed 100 percent by Lloyd’s of London paper, according to the announcement. Licensed and permitted in 87 countries, Lloyd’s features a geographical split uncorrelated from North American domestic capacity, the announcement noted. The brokers said that an additional layer of protection for CAS policyholders will also be provided by the Lloyd’s Central Fund.
Jason White, managing director, Swett & Crawford Professional Services Group, said, the $25 million dedicated capacity is bigger than most other D&O markets which typically offer $10 million “so it’s a more efficient way to place risk.”
White said this facility is a “great way for every retail broker in North America” to access Lloyd’s.
Bill Dixon, executive vice president, AmWINS Brokerage, said the program is a “cooperative effort among the three leading U.S. wholesale brokerage firms and three of the leading D&O underwriters in the Lloyd’s market.”
Garrett Koehn, regional director, CRC, said this facility brings “much-needed public D&O capacity into the wholesale marketplace.”
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