Market Update

Welcome to the start of our quarterly newsletters offering regular North America Property updates from the London market. 

Currently market capacity is at 5 year high, we have plenty of capacity to fill out large open market business. We have only seen a few syndicates reduce their capacity due to the softening property market, these tend to be traditional names backed syndicates who are very sensitive to pricing adequacy.

Our Q1 newsletter includes updates on:

 

Large Open Market success

Copper Recycling plant / rolling mill:

  • We had great success on placing a USD 1bn TIV risk into London with a USD 500m loss limit.
  • We placed part Quota Share and part primary/excess without a survey as the risk was with FM.
  • We did this by putting together a comprehensive information booklet to tell the underwriters all about the risk. We also used some of the metals market as well as the traditional property market.
     

Lineslip Facilities

  • During the first quarter we have been busy putting together a selection of lineslips to be able to handle smaller business, too small for the open market.
  • We have two lineslips, one that has a 150m limit for non critical cat business up to 500m and then a 10m lineslip which can handle most things.
  • Additionally, we have an excess facility of USD 250m that sits above USD 50m.

 

Builders Risk

We are pleased to announce that we now have a USD 76m builders risk lineslip in place which can handle garden style frame apartments as well as better construction risks.

Catastrophe Risk

London is a market for catastrophe prone risks and can handle business both on shore and located in the Caribbean.

Visit our Property - North America Page

Other News

Since joining HWS our team is expanding and we have hired a new broker and a new admin assistant. It's great to have support in building out the business.

 

Did you know?

When you place a primary 100% in the Lloyds market place there are only two claims agreement parties and a settlement clearing house behind the security.

This in practise means that once the proof of loss has been agreed by the leading syndicate payment of the claims should be completed within 14 days.

Many of our clients have been commenting on the length of time claims take to pay in the domestic market due to the multiple individual agreement parties to negotiate with which takes time and delays the payment of the claim.

 

Key Contacts

David Price
Head of Property, North America
International Property US
davidprice@hwsspecialty.com
+44 (0) 7979 051582		 Lana Pepper
International Property - US
lanapepper@hwsspecialty.com 
+44 (0) 2073 989000  		 Martin Lansdowne
Senior Broker
martinlansdowne@hwsspecialty.com
+44 (0) 2036 972107