Brit Ltd. announced it has piloted the first continuous binder at Lloyd’s for delegated authorities, which will go live in January 2022.
Continuous contracts form a key part of the Future at Lloyd’s vision for delegated underwriting, said Brit. The re/insurer explained that the new forms of contract aim to improve efficiencies by replacing the traditional annual renewal cycle, which can often be time and labor intensive and result in capacity being confirmed weeks or days before expiration, proving highly disruptive to a coverholder’s businesses.
The continuous contracts will be powered by a regular, data driven, review process throughout the life of the contract, said Brit, noting that this will also increase overall visibility of performance.
“We are excited to be piloting these contracts, which reflect our on-going commitment to supporting Lloyd’s ‘Future at Lloyd’s’ vision as well as making it easier for our key strategic partners to do business with us,” commented Joy Ferneyhough, chief experience officer at Brit.
“By innovating the traditional approach to delegated underwriting, continuous contracts will help remove the disruption that can often occur with traditional policies while empowering our underwriters with better data and more visibility over performance. We were pleased to work with Lloyd’s and two of our long-standing broker partners, Amwins Global Risks and Bowood, on this and hope to extend this pilot in the future,” added Ferneyhough.
“The pilot also builds on our ‘Coverholder Strategy Partnerships Programme,’ which is aimed at enhancing how we engage with our key strategic partners. We’re pleased with the successes we’ve already seen and look forward to further evolving our coverholder proposition.”
Brit said it hopes to extend this pilot out in future to benefit further coverholder partners and Lloyd’s follow markets.
About Brit
A subsidiary of Fairfax Financial Holdings Ltd., Brit is a London-based global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant U.S. and international reach. Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business.
Source: Brit Ltd.
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