Ascot is lead capacity provider for the facility
Reinsurance broker Aon Benfield has made $250m of additional facultative reinsurance capacity for US terrorism risk available through FAConnect, its electronic placement platform.
Capacity for the facility is being supplied by several Lloyd’s syndicates, led by Ascot and supported by Amlin, Beazley and Liberty.
The new service allows Aon Benfield clients to access up to $250m facultative terrorism reinsurance cover for any one risk via FAConnect in addition to the standard market capacity Aon Benfield can access on their behalf.
"This facility is an excellent vehicle for Ascot to respond to our customers' needs for additional capacity,” said Andrew Brooks, chief executive of Ascot Underwriting, in a statement. “This product provides certainty of coverage and security for clients, and we are delighted to build on an already successful partnership with Aon Benfield and expand our offerings via FAConnect.”
The service closely follows the launch of the FAConnect Chile earthquake facility, which offers access to $50m cover for any one risk, provided by Ascot Underwriting in an exclusive agreement.
FAConnect is a proprietary electronic platform that allows Aon Benfield clients to quote and bind their own facultative risk placements from any internet-enabled device in less than five minutes. It provides access to a range of global markets and is designed for high-volume, lower-value transactions, where Aon Benfield contends frictional costs have traditionally made it uneconomical for intermediaries to participate.