Ardonagh expands cross class follow capacity solution to $600m
Ardonagh Specialty, part of the UK insurance intermediary Ardonagh Group, has expanded its cross-class follow capacity solution to include Price Forbes’ property business covering $600 million of client portfolios across seven classes.
The cross-class follow capacity solution was launched back in April 2021 through a tie-up with Beazley to cover cargo, specie, terrorism, financial products, healthcare and marine, which has $350 million of premium in scope and is now backed by three carriers.
With the latest expansion, a panel of underwriters including Lloyd’s syndicates will follow pre-approved Lloyd’s leaders across placements for all Worldwide property business. Around $250 million of premium is in scope.
The portfolio solution will be managed within Price Forbes’ Equinox Division and digitally integrated using its proprietary EDGE platform to ensure ease of capacity deployment and accessibility for clients.
“The horizontal expansion of our portfolio solutions is a testament to the analytical and modelling capabilities of our team,” said James Masterton (pictured), chairman of Ardonagh Specialty.
“We’re delighted to be able to reach more clients with it and look forward to further developments in coming months as we look to broaden access to the capability across the wider Ardonagh Specialty landscape with focus around data generation.”
Price Forbes CEO Richard Peers said: “To enter the new year with exclusive agreements covering $600 million of client portfolios across seven classes makes 2022 a hugely exciting time for our business.”
Chris Rider, Price Forbes property chairman, added: “Using data and digital automation to support the placement of clients’ property risks, especially at a time of tightening capacity, will provide certainty and cost effectiveness for our clients across the world. We’re proud to be able to launch this exclusive solution for Price Forbes clients with the support of Ardonagh’s analytical capabilities.”
Steve Dando, head of placement at The Ardonagh Group, noted: “This is the second phase of delivery of meaningful dedicated follow capacity through this solution. We are pleased to be deepening our partnerships with carriers to offer dedicated capital to more of our Specialty client base.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
