Marsh’s new multi-line facility to bring ‘significant capacity’ in difficult market
Global broker Marsh has launched a multi-line insurance facility backed by a panel of A-rated global Lloyd’s insurers, led by QBE, which will provide a “substantial amount” of additional “follow form” capacity to the global market.
The launch of ‘Fast Track’ comes at a challenging time for clients, with Marsh’s Global Insurance Market Index recording its 21st consecutive quarter of rising global insurance prices in Q4 of 2022, with loss-affected sectors and geographies being particularly impacted, the company explained.
Under terms of the facility, insurers will provide up to 10% of the capacity for policies written on a subscription basis and follow all terms set by the lead underwriter.
Marsh’s clients globally across major lines of business, with the exception of motor, will have the option to access the facility.
“At a time of constrained insurance capacity in many industries and geographies, the facility will give clients the option to access dedicated, pre-arranged capacity which is exclusive to Marsh clients across their full spectrum of risks,” said Lucy Clarke, president, Marsh Specialty and global placement, Marsh.
Simon Delchar, UK head of placement for Marsh, added: “Market conditions remained challenging at the 1st April renewals as some clients experienced pricing increases and capacity shortages. With difficult trading conditions expected to continue, we have developed the Fast Track facility to produce better outcomes for our clients.”
Peter Burton, executive director of international markets at QBE, added: “QBE is absolutely delighted to be leading this facility for Marsh and to be providing Marsh’s global client base with the option of the facility, ensuring long-term consistency and stability of insurance capacity. It is also great for the London and Lloyd’s markets to demonstrate such innovation, offering a truly global client proposition.”
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