London capacity plentiful for European Property risks
Capacity within the London Property market continues to move in a positive direction with new entrants bringing in competition, and clients with non-catastrophe exposed accounts, good loss records or strong risk mitigation efforts benefiting from more favourable terms and conditions.
The floods, storms and fires seen across Germany and France during 2021 have awoken underwriters to the growing climate change related catastrophe risks, with appetite and pricing reflected in decision making. However, London continues to add value for distressed or capacity requiring accounts.
We are also seeing considerable success with a number of ‘hard to place’ occupancies, for example, wood working facilities. As with all accounts, quality underwriting information (including surveys, detailed spread sheets with values, claims information, etc.) is required.
Mining risks
Despite Lloyd’s managing agents no longer providing new insurance coverage or investments in thermal coal-fired power plants or thermal coal mines from 1 January 2022, the deadline to phase out existing coverages for such companies is now 1 January 2030. Accordingly, we are finding success for mining and coal related business, supplementing capacity from London lead markets with additional capacity from further afield, including specialist MGA’s, reinsurers and carriers in other geographies.
Recent placement success
One of our European partner clients needed support from London insurers and reinsurers to place a complex risk relating to very specific activities. The insured and our client were keen for us to organise a ‘London market’ placement only, separated from the original deal, to comply with London market specificities. We demonstrated the advantages presented by having such experts on their insurance programme panel. This includes wording expertise but also risk management and consulting advises that would allow the insured, used to working with European capacity, to approach their insurance programme strategy from a different angle. Achieving success for all involved, both the insured and our European partners were delighted by the result.
New hire - Pascal Calmels
Last year, we welcomed Pascal Calmels to the team to further develop and lead our mining offering to clients. Bringing 20+ years’ experience across mining and power generation (including onshore oil & gas), Pascal’s appointment reinforces our existing mining expertise and supports our capabilities to help insureds operating in this sector to get the insurance they need.
