Wildfire Defense Systems Inc., Polo Managing Agency Ltd. (PMA) and Aon, announced Lloyd’s has approved the launch of Wildfire Defense Syndicate 1996, which started underwriting on July 1, 2023.
Created under Lloyd’s “Syndicate-in-a-Box” program, Wildfire Defense Syndicate 1996 will focus on providing excess and surplus (E&S) lines property insurance for California wildfire-exposed commercial risks.
Wildfire Defense Insurance Services Inc., an existing coverholder at Lloyd’s, already places coverage for wildfire-exposed risks and the approval of Syndicate 1996 will allow it to increase its capacity.
Syndicate 1996 will benefit from the property protection services of Wildfire Defense Systems. Its emergency response operations have answered more than 1,200 wildfire incidents in 22 states and already saved the insurance industry billions of dollars, the syndicate said.
The Wildfire Defense Systems team is made up of experienced fire scientists, data scientists, mathematicians, project managers, engineers, intelligence personnel, incident commanders, wildfire officers, and firefighting teams – working 365 days a year to provide this specialist service.
Jenny Hummerston, director of Underwriting at PMA, with whom Wildfire Defense Syndicate 1996 has partnered as its Lloyd’s Managing Agent, commented: “From the initial conversations with the Wildfire Defense team, it was clear they were bringing an innovative plan to market, focusing on loss prevention, and thus allowing them to offer meaningful cover where capacity is limited. The professionalism with which Wildfire Defense Systems has approached the Lloyd’s approval process reflects the professionalism they have displayed in over 16 years of service to the wildfire defense operations.”
“The Wildfire Defense brand represents the largest private sector wildfire services provider in the United States with extensive services and a continuing commitment to reducing wildfire losses throughout the entire insurance industry, including California E&S commercial properties,” said David Torgerson, executive chairman and founder of Wildfire Defense Systems and related companies.
“At our core, we are a system of companies, each taking a piece of the equation to create wildfire solutions in a climate change environment,” he added. “Wildfire Defense Syndicate 1996 is a natural progression of our strategy and passion for sustainable insurance in wildfire-prone regions.”
“To secure crucial reinsurance and Lloyd’s capital, Aon’s Analytics team – in collaboration with the firm’s specialist brokers – was fundamental in creating the comprehensive view of risk necessary for reinsurers and capital providers to support this new syndicate, while enabling WDS to make better decisions on growing its business,” according to Harry Jardine, head of property for the MGA segment at Aon’s Reinsurance Solutions.
“Our united approach resulted in the launch of Wildfire Defense Syndicate 1996, which allows WDS to assist its commercial customers to navigate volatility and build business resilience, while promoting sustainability in an everchanging market that is being driven by the uncertainties created by climate change,” Jardine continued.
“The Polo team worked tirelessly to enable the launch of 1996, after being selected by Wildfire Defense Systems Inc., as their strategic partner for this unique Lloyd’s platform,” commented Paul Andrews, chief executive officer, PMA. (PMA is a turnkey managing agency at Lloyd’s which offers a full suite of services for all stages of a syndicate’s life cycle, ranging from governance and oversight, through to processing, IT and back-office support. Clients include new applicants for Lloyd’s, Lloyd’s Syndicates, and insurtechs.)
PoloWorks is a trading name of both PMA and Polo Commercial Insurance Services (PCIS), which provides outsourced services for Lloyd’s-based clients. Services include underwriting support, management accounting, claims management, compliance and regulatory, and workflow management.
Source: Polo Managing Agency
Photograph: Seen in a long exposure photograph, embers light up hillsides as the Dixie Fire burns near Milford in Lassen County, Calif., on Tuesday, Aug. 17, 2021. (AP Photo/Noah Berger)
Topics California Catastrophe Natural Disasters Wildfire Excess Surplus Lloyd's
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