Rokstone creates $255m terrorism facility for US risks led by Fidelis hire
Speciality re/insurance MGA Rokstone, part of Aventum Group, has launched a terrorism facility for US and Caribbean risks with a $255 million limit, to be led by a senior Fidelis hire.
According to the company, it is “one of the largest terrorism limits available in the market”.
Backed by 100% A-rated Lloyd’s & London Market capacity, the facility is aimed at all risks within the US & Caribbean market. The facility has both a Quote, Buy, and Bind platform, along with a traditional, ‘open market’ offering running parallel, covering both primary and excess layers, and providing brokers with a ‘one-stop shop’ solution.
Rokstone has hired Arif Rahman as the head of political violence and terrorism. He joins from Fidelis Insurance, where he spent three years underwriting for its specialty political violence and terrorism division.
The MGA claims its terrorism & sabotage insurance is a “superior alternative” to TRIPRA, the US federal ‘backstop’ programme set up following the September 11 terrorist attacks on the World Trade Center in order to respond to terrorism events. TRIPRA offers public and private compensation for certain insured losses resulting from a certified act of terrorism.
Rokstone plans to widen its scope of offerings to provide political violence, war and terrorism solutions to service clients globally in the near future.
Rahman said: “I’m hugely excited to join Rokstone and proud to spearhead this unique Terrorism facility. Our plan was always to give brokers an efficient and comprehensive solution for US terrorism risks all under one roof.
“I am excited to work with the Rokstone management to further enhance the service offering we provide to our carrier partners and deliver a market leading experience in the coming years. Their commitment to this new panel is a strong vote of confidence in both the potential in the market, and our expertise.”
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