Thursday, 21 June 2012
Chartis goes global with $1.5bn property per risk capacity
Chartis has increased its commercial property per-risk capacity to $1.5bn on a worldwide basis as part of its broader effort to offer a global service to its international customer base.
George Stratts, President, Global Property for Chartis
This level of capacity was previously only available to the group’s North American domiciled clients and was underwritten by Lexington Insurance Company.
The increased global capacity is now on offer to all Chartis customers with large limits and highly protected risk (HPR) coverage needs, regardless of domicile. This development forms part of the group’s reorganisation along global lines led by incoming CEO Peter Hancock, George Stratts, President, Global Property for Chartis, told Commercial Risk Europe this week.
“This additional capacity demonstrates the Chartis insurers commitment to best serve our commercial property clients in every jurisdiction that we do business,” he said.
The insurer said that the coverage, which is offered on a per-risk basis, is available to customers across a broad array of commercial occupancies including healthcare, manufacturing, real estate, public authorities, retail and higher education.
Mr Stratts said that demand for the capacity is high in many regions, including Europe, and he expects it to be taken up around the world.
Chartis customers outside of North America were not offered fixed levels of capacity as local capability was partly determined by facultative capacity.
Typically Chartis offered between $150m and $250m of this type of capacity. It includes traditional business interruption coverages with developing non-damage BI coverages offered under separate lines such as Chartis’ Global Supply Secure cover, explained Mr Stratts.
He added that the new capacity offers clients a ‘comprehensive approach’ to protection of their high value commercial property assets. The capacity is also supplemented by risk mitigation and engineering services that Mr Stratts said is proving increasingly popular among customers worldwide.
Alf Mueller, Property Executive for Chartis Europe, welcomed the news stating that the new per risk property capacity and services would ‘strengthen and complement’ the group’s suite of casualty, specialty, and financial lines products.
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