Major insurance player expands regional product offering

by IBO 27 Jul 2015

Major insurance player expands regional product offering

Lloyd’s has formed a new consortium for the Asia Pacific region which looks set to streamline processes for brokers.

The Asia Pacific Excess Consortium has been formed to provide a single insurance solution for excess layer placements on property risks in Asia Pacific.

It is led by Atrium and supported by Talbot, Argo, Amlin and Argenta on the Lloyd’s Asia platform, the company said in a statement.

The consortium will cover commercial light and moderate industrial property risks including processing, manufacturing, warehousing and retail located across Asia Pacific, including Australia and New Zealand.

It is aimed to alleviate the need to deal with multiple reinsurers by offering brokers a single point of contact for underwriting, premium payment and claims agreement.

The consortium offers up to US$25 million excess of loss capacity at up to 100% of excess layers, the statement said.

Mark Hollingworth, CEO of Atrium Insurance Agency (ASIA), said: “We are pleased and excited to introduce another innovative product to the Lloyd’s Asia Platform.

“In collaboration with our consortium partners, we aim to provide an efficient, 100% Lloyd’s backed solution, for Excess of Loss Property layers.”

Head of Lloyd’s Asia, Kent Chaplin, said it was an excellent addition to Lloyd’s product offering in the area.

“It provides a simple mode of accessing significant Lloyd’s capacity backed by the expertise of multiple underwriters and the security of the Lloyd’s market.”

This is the fifth consortium to begin operations on the Lloyd’s Asia platform in Singapore.