global casualty - aspen · manufacturers, including tyre manufacturers. products guarantee and...
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aspen-insurance.com
GLOBAL CASUALTY
By adopting a technical approach to underwriting thereby writing each risk purely on its own merits and combining this with strong support from our actuarial and legal departments, we believe we can provide solutions where others struggle. This along with our excellent security rating and maturity in the market, whilst keeping track of market changes, has led us to gain the respect of our clients as well as fellow underwriters and brokers.
We always endeavour to be available for our clients and will gladly meet with them wherever they are globally, in order to fully understand their risks and build strong working relationships. Our attention to detail and to simply doing the right thing results in the majority of our clients maintaining long term relationships with us.
To provide consistency in our approach each line of business has its own centre of excellence, making our underwriters specialists rather than generalists. This consistent approach extends to our claims department, which is integrated within the team to fully understand the risk and in the event of a claim ensuring a direct link with the underwriter.
GLOBAL CASUALTY
Our business written through Syndicate 4711 also benefits from Lloyd’s rating which is currently “A” (Excellent) by A.M. Best and “A+” (Strong) by Standard & Poor’s.
OUR FINANCIAL STRENGTH
FINANCIAL RATINGSAspen Insurance UK Limited has been awarded the following:
A.M. Best A (Excellent)
Moody’s Investors Service A2 (Good)
Standard & Poor’s A (Strong)
CENTRES OF EXCELLENCEConstructionWe write both commercial and residential contractors on an excess basis, from the USA. We have a number of experienced underwriters on our teams in Dublin and Bermuda who have written most of the major contractors over the last decade and who can work with structures and policy language to arrange covers to meet the needs of our clients. Around 40% of our current book is construction related and growing.
• Minimum attachment is US$5 million for residential contractors, including both practice and project policies and US$25 million for commercial contractors.
• Our maximum line for residential contractors is US$25 million and US$50 million for commercial contractors.
• In relation to project covers we can write periods of up to 5 years for construction plus 10 years for completed ops, for both residential and commercial contractors.
• Construction periods for longer periods can be facilitated. Note, all residential contractors’ practice policies are written on close of escrow basis and we can sit above leads of a minimum US$15 million, where warranty cover is provided in the underlying.
Life ScienceOur centre of excellence for Life Science is in London, where our underwriters have a strong pedigree for writing pharmaceuticals including innovators, generic pharmaceuticals, medical products and neutraceuticals. Life science represents 50% of the London portfolio, with maximum lines at US$25 million and minimum attachments as follows:
• Generic – we can write primary capacity here.
• Innovator life science with revenue below US$5,000 million – we can write above US$50 million.
• Innovator life science with revenue above US$5,000 million – we can write above US$100 million.
• Medical devices – we can write above US$50 million.
The key here is good data around claims, recalls and FDA483’s or similar regulatory notices, as well as details of all drugs in the various therapeutic areas. Each risk is written on its own merits and terms, conditions and premium crafted for each risk.
The bulk of our Life Science risks are from the USA, but we also willingly consider risks from other territories, reinsurance especially, of captives and layers above high self-insured retentions. While our preference is to meet with our clients in all sectors that we write, this applies even more so in the life science sector.
CENTRES OF EXCELLENCETransportationOur transportation initiative includes both rail and trucking and the centre of excellence is in London. The London team have a large account of rail risks, including Class 1 rail and metropolitan and passenger rail in the USA, which they have been writing for more than a decade. Our maximum line/minimum attachment for this area is:
• Class 1 Rail – maximum line US$25 million and minimum attachment US$50 million
• Non-Class 1 Rail – maximum line US$50 million and minimum attachment US$25 million
• Truckers – maximum line US$25 million and minimum attachment US$25 million
A large proportion of the transportation risks we write are based in the USA, with the exception of rail risks, where we will look to write non-USA risks above US$25 million. To write this business, we do rely on a detailed submission showing car loads for freight and passenger numbers for passenger trains. The key here is infrastructure and maintenance of way, along with understanding any special contractual needs. Our view is that the safest operators have a direct correlation to the amount of cap-ex spent.
Commercial/Industrial LiabilityThis is by far the biggest portion of our book and the centres of excellence exist in Dublin and Bermuda. Our appetite is for the tougher risks in this sector, including chemical risks, large industrial manufacturers and service providers. It would be correct to say that the bulk of our clients would be in the fortune 1000 in whatever country they emanate from, but all would have significant USA exposure, which we are happy to consider, regardless of size or risk type.
The bulk of the risks we write are domiciled in the USA, but we will consider risks from any part of the world on a non-admitted basis and on a reinsurance basis if required. We are happy to adopt all forms once we have seen and agreed same and this would include occurrence reported, claims made or pure occurrence. For occurrence reported and claims made, we can provide retroactive cover back to January 1, 1986, but with a known loss exclusion applicable at inception.
Within this section of our book, therefore, resides the bulk of our business represented by a variety of insureds, policy forms and territories. We write a maximum line of US$25 million on some of the tougher classes, including pharmaceutical, chemical and Class 1 rail risks, but we are in a position to expand on this to US$50 million maximum line on all other risks.
ASPEN BERMUDA LIMITED OFFERS AFFIRMATIVE PUNITIVE DAMAGES COVER AS A COMPLEMENTARY “WRAP” OF ASPEN INSURANCE UK AND ASPEN INSURANCE US PRIMARY AND EXCESS CASUALTY POLICIES.
AutoWe have been very successful writing the large auto manufacturers in the USA with the centre of excellence residing in Dublin. We have most of the major manufacturers, with attachments at US$50 million and maximum lines of US$50 million. We tend to write these risks on occurrence reported forms, with batch (integrated occurrence) and secondary recall removed. In this sector we are also happy to consider parts manufacturers, including tyre manufacturers.
Products Guarantee and Recall
and beverage industry. We can support most forms in the market, with the caveat we have to see and agree them before offering terms, or terms remain subject to this. Our maximum line is US$10 million and our attachment is US$5 million insured or US$5 million SIR. Our preference is to sit above an insured layer and respected leader and we are happy to consider meat, dairy and vegetable products, along with all food and beverages, including alcoholic, non-alcoholic and dairy products.
CENTRES OF EXCELLENCE MEET THE TEAMLondonNicola WoodHead of Global Casualty - London
T +44 (0)20 7184 8278E [email protected]
Oliver PosgateAssistant Underwriter
T +44 (0)20 7184 8549E [email protected]
Nicholas AshdownAssistant Underwriter
T +44 (0)20 7184 8160E [email protected]
BermudaTim ProctorHead of Global Casualty - Bermuda
T +1 441 297 9330E [email protected]
Marisa BaronAssistant Underwriter
T +1 441 297 9361E [email protected]
DublinGerry WatsonHead of Global Casualty - Dublin
T +353 (0)1 653 1715E [email protected]
Sean O’ReganSenior Underwriter
T +353 (0)1 653 1713E [email protected]
Fergus FergussonUnderwriter
T +353 (0)1 653 1721E [email protected]
The centre of excellence for this offering resides in Bermuda and is specific for the food
Abbey SkinnerUnderwriting Assistant
T +44 (0)20 7184 8620E [email protected]
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GLOBAL CASUALTY (ALL UNITS) – CLASS GROUP ANALYSIS BY POLICY COUNT
Construction 14%
Manufacturing 14%
Pharmaceuticals 14%
Rail 11%
Chemicals 9%
Other 9%
Auto Manufacturing 6%
Building Services 5%
Comms/Media/Entertainment 5%
Food/Beverage/Tobacco 5%
Mining 4%
Hotel/Casino 2%
Waste Disposal 2%
CONTACT US Aspen Insurance UK Limited30 Fenchurch StreetLondon EC3M 3BDT +44 (0)20 7184 8000F +44 (0)20 7184 8500aspen-insurance.com