Specialty Broker Offers Business Insurance Coverage for Pandemic, Epidemic Risks

July 23, 2020

A Boston-based national wholesale insurance broker is offering what it says is “among the first and most accessible” insurance policies for commercial risks arising from pandemics and epidemics.

The policy, Pandemic Protector, is underwritten in the London market and exclusively available from One80 Intermediaries.

Pandemic Protector provides non-damage business interruption insurance for loss of gross profit due to a future epidemic and/or pandemic outbreak. It will cover future outbreaks of both known and unknown diseases.

According to One80, the coverage is designed for all companies of all sizes – accessible for small to mid-sized businesses due to the lower limit offerings, and suitable for Fortune 500 companies as Pandemic Protector can offer up to $100 million in total limits. Pandemic Protector is available to public and private sector, and across most industries, in all 50 U.S. states, the broker said.

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Marsh’s Alternative Risk practice developed PathogenRX, the broker’s innovative parametric insurance policy, with Munich Re and technology firm Metabiota. The policy is designed to provide business interruption insurance in the event of a pandemic. Not a single company bought the parametric insurance product following its launch in May 2018.

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The customized policy provides “broad coverage with a flexible definition of the epidemic triggers” as well as access to experts to assist in outbreak mitigation and crisis management, One80 said in its announcement.

“In the wake of the Covid-19 outbreak, we are the first to offer both an affordable and highly customized pandemic and epidemic insurance solution,” said Matthew F. Power, president of One80 Intermediaries. “Other insurance providers have offered limited pandemic coverage in the past, at a much higher cost. Our coverage will meet the unique demands of each individual insured as it considers multiple aspects of each insured’s business. At One80 Intermediaries it is our mission to quickly respond to the needs of the insurance industry with market-leading, innovative products and services.”

One80 is the exclusive wholesale provider of Pandemic Protector, with access to A-rated insurance carriers in the London market arranged by C.J. Coleman & Company Limited, a Lloyd’s and London market brokerage.

“We made the strategic decision to exclusively offer this product through One80 Intermediaries in the United States given One80’s expertise, service model and strong broker and client relationships,” said Mark Watson, North America Markets at C.J. Coleman.

Privately-held One80 is a wholly owned subsidiary of Risk Strategies. It was officially launched in January 2020, however, its subsidiary entities have been in operation for many years. One80 intermediaries is the culmination of several years of acquisitions activity by Risk Strategies as it was building its specialty operations. The firm includes Winter Group, Cincinnati Intermediaries, Advanced E & S, Flood Advantage Partners, Select Insurance Markets, Maritime Program Group and others.

In the last fourth quarter it added two subsidiaries of Gowrie Holdings; Missouri’s Thomas McGee Group; Dash & Love brokerage near Philadelphia; Bedrick-Kaitz Agency and Pro Safety Services in New York; Risk Management Advisors in Long Beach, Calif. and National Insurance Consulting Group in the Southeast.

One80 is led by its president, Matthew F. Power, whose experience includes 26 years at AIG, where he served as executive vice president of its surplus lines carrier Lexington Insurance Co., and as head of wholesale broker engagement.

One80’s National Director, Christopher Pesce, joined the company’s executive team with Risk Strategies’ acquisition in December of Maritime Program Group (MPG).

Others on the One80 team include:

  • Donovan Nowell, financial lines practice leader, who was formerly with Beazley in U.S. broker relations and before that with Willis and AIG;
  • Brad Keller, property practice leader, who was previously with wholesale broker AllRisks and prior to that with Peachtree Special Risks, a wholesale subsidiary of Brown & Brown;
  • Alex Furlong, senior casualty executive, who previously was a vice president at broker AmWINS Group where he focused on wholesale environmental, construction, real estate, products, and energy risks; and
  • Phillip Winter, transportation practice leader, the former managing director of Winter Group who has more than 20 years’ experience as a transportation broker.

One80 has offices in more than 19 locations nationwide including Boston, New York, Chicago, Miami, Atlanta, Houston, Dallas, Nashville, San Diego and Seattle.

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