Insurance broker Marsh announced the launch of “Fast Track,” an insurance facility that will bring a substantial amount of additional “follow form” capacity to its clients globally across major lines of business.
Fast Track will be backed by a panel of A-rated global insurers based at Lloyd’s, led by QBE. Under terms of the facility, insurers will provide up to 10% of the capacity for policies written on a subscription basis and follow all terms set by the lead underwriter. Marsh’s clients globally will have the option to access the facility across all major classes of business, with the exception of motor. There is no need for a London order.
The launch of Fast Track comes at a challenging time for clients, with Marsh’s Global Insurance Market Index recording its 21st consecutive quarter of rising global insurance prices in Q4 of 2022, with loss-affected sectors and geographies being particularly impacted, according to Marsh.
“At a time of constrained insurance capacity in many industries and geographies, the facility will give clients the option to access dedicated, pre-arranged capacity which is exclusive to Marsh clients across their full spectrum of risks,” said Lucy Clarke, president, Marsh Specialty and Global Placement, Marsh.
“Market conditions remained challenging at the 1st April renewals as some clients experienced pricing increases and capacity shortages,” commented Simon Delchar, UK head of Placement for Marsh.
“With difficult trading conditions expected to continue, we have developed the Fast Track facility to produce better outcomes for our clients,” Delchar said.
Peter Burton, executive director of International Markets at QBE, added: “QBE is absolutely delighted to be leading this facility for Marsh and to be providing Marsh’s global client base with the option of the facility, ensuring long-term consistency and stability of insurance capacity. It is also great for the London and Lloyd’s markets to demonstrate such innovation, offering a truly global client proposition.”
Source: Marsh
Topics New Markets
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