Beach & Associates targets growth in ILW market
Beach & Associates is the latest reinsurance intermediary to secure a license from Property Claims Services (PCS), a Verisk Analytics business, to facilitate PCS-triggered industry loss warranties (ILWs).
Beach can now facilitate ILWs between parties that currently do not have licenses of their own, while remaining compliant with the PCS policy that requires at least one participant in the transaction (including the intermediary) have a valid PCS license for ILW transactions.
The expanded relationship enables Beach’s clients to ensure that its ILW cover includes licensed catastrophe loss estimate data.
Beach's newly expanded relationship with PCS enables its clients to ensure that their ILW cover includes properly licensed catastrophe loss estimate data for the US, Canada, and Turkey.
Tom Johansmeyer, assistant vice president, PCS strategy and development, said: "I'm looking forward to working more closely with the Beach team, especially in a market where savvy thinking can lead to unique ILW opportunities.
"Further, unlicensed use of the PCS catastrophe loss index involves certain key risks, particularly if a triggering event occurs. Beach has taken an important step forward in protecting its clients. We're proud to have a new opportunity to serve a loyal client that's been with us for years."
Clark Hontz, partner at Beach, added: "PCS is a fundamental part of our ILW business. As one of the handful of reinsurance brokers with a license, we look forward to helping our clients more effectively. Particularly following the accumulation of hail losses in Texas and the Fort McMurray wildfire in Canada, we see how different types of events can have retrocessional protection implications. In this evolving market, being properly licensed is more important than ever."
