Willis Re, the reinsurance division of the Willis Group, has announced a major new product with over $400 million worth of coverage.
The new product is a “unique syndicated reinsurance facility providing the broadest protection available for insurers against catastrophic and systemic loss accumulations arising from liability portfolios,” according to a statement from the company.
Called PRIMO, the cover responds to “increasing concern,” around the amount and diversity of liability insurers are taking on in recent years and helps safe-guard against the unexpected in an ever-connected world.
The product is designed to respond to all casualty and property lines and is supported by 20 of the world’s leading reinsurers.
Willis Re are calling the product an industry-first for casualty cover worth more than $400 million of reinsurance capacity as the product “streamlines the process of building reinsurance to address complex tail exposure but, through syndication, delivers depth to the market, ensuring competitive pricing and cross-cycle resilience.”
John Cavanagh, Global CEO of Willis Re, said the product builds on the experience of the company and offers clients value no matter their location.
“PRIMO builds on over 25 years of continuous research and development since its precursor was developed in the late 1980s.
“Willis Re can now offer our diverse and global clients a tried and tested reinsurance solution protecting against events that impact multiple accident years, create quarter-on-quarter earnings pressure and represent a significant unknown in terms of quantum from the time the event is discovered until it becomes a paid loss.”