Ardonagh Specialty expands cross class follow capacity solution
18 January 2022
Ardonagh Specialty today announces the further expansion of the exclusive cross-class follow-capacity solution to include Price Forbes’ Property business.
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 constant accessibility for clients.
The addition of a property capacity solution follows April’s launch of a follow-facility 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.
James Masterton, Chairman, Ardonagh Specialty*, said: “The horizontal expansion of our portfolio solutions is a testament to the analytical and modelling capabilities of our team. 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 says: “This is a fantastic development for our clients and producer partners across the world. 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, said: “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, The Ardonagh Group, said: “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.”
*Subject to regulatory approval