Facility will provide non-catastrophe capacity for US and Canadian companies
Marsh has arranged a property facility that will provide up to $425m (£208m) of non-catastrophe capacity in the London market for US and Canadian companies.
The facility can also be adapted to provide up to $262.5m of non-critical catastrophe capacity and up to $111.75m of critical catastrophe capacity.
Two Lloyd’s syndicates, Catlin Syndicate SJC2003 and Ascot Syndicate RTH1414, will lead the cover, with the authority to bind non-catastrophe capacity on behalf of the majority of the following markets.
Richard Marks, a vice president in Marsh’s US Property Placement Practice, said: “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% or part solution to meet their demand for excess of loss insurance cover.”
“While the facility is 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 $325m from syndicates at Lloyd’s and $100m from Lancashire UK Limited. The mining and processing of natural resources and contingent business income classes are excluded from coverage.