Broking trio launch $25m D&O facility at Lloyd’s

Three US wholesale firms, CRC, AmWINS Brokerage, and Swett & Crawford have launched a new $25 million public directors & officers (D&O) programme at Lloyd’s

The CAS Facility, which offers excess and/or side A DIC coverages, is only available through those three wholesale brokers and aimed at the North American market.

It will begin binding risks with effective dates starting on December 1, 2014. An additional layer of protection for CAS policyholders will also be provided by the Lloyd’s Central Fund.

Jason White, managing director, Swett & Crawford Professional Services Group, said: “The $25M dedicated capacity is bigger than most other D&O markets which typically offer $10M so it’s a more efficient way to place risk. Lloyd’s has written D&O since its inception and this facility is a great way for every retail broker in North America to access Lloyd’s. Lloyd’s has built its reputation being committed to long term relationships with their insureds through many challenging times.”

Bill Dixon, executive vice president, AmWINS Brokerage, added: “We are pleased to be in a position to offer our public D&O clients value-added excess and/or side A D&O coverage with meaningful limits through the newly formed CAS Facility, a cooperative effort among the three leading US wholesale brokerage firms and three of the leading D&O underwriters in the Lloyd’s market."

Garrett Koehn, regional director CRC, said: “We are excited to participate in this facility, which brings much-needed public D&O capacity into the wholesale marketplace, and targeted distribution to the Lloyd’s market. It’s a win-win for all parties.”