Lectio premium scope passes $1.3bn as Price Forbes launches Bermuda facility

Price Forbes has launched its Lectio cross class follow facility in Bermuda, adding a Bermudian property line to the platform.

The move allows Price Forbes Bermuda to automatically follow pre approved lead insurers across Bermudian property placements.

The broker said premium scope for the Bermuda property line is estimated at around $85m.

Lectio was launched in April 2021 to provide guaranteed access to exclusive capacity for Price Forbes clients and their brokers.

At launch, the facility offered cargo, specie, financial products, healthcare and marine insurance with premium scope of around $350m.

Since then, the platform has expanded to include aviation, cargo and stock throughput, cyber, onshore and offshore energy, financial institutions, marine, worldwide property, power and construction and builders risk.

The addition of Bermuda property extends Lectio’s premium scope to approximately $1.3bn.

Carrie Kelley, CEO of Price Forbes Bermuda, said the launch marked an important step for the broker’s local platform.

“The launch of Lectio marks a significant milestone for Price Forbes Bermuda,” Kelley said.

“The exclusive follow facility will provide access to meaningful capacity for our clients, underlining our continued commitment to deliver pioneering solutions to the Bermuda market,” she added.

Dan Walsh, chief underwriting officer of Lectio, said Bermuda represents a key growth geography for the facility.

“Bermuda is a robust and dynamic insurance marketplace and a key growth area for Price Forbes,” Walsh said.

“Offering Lectio capacity behind key property leaders on the island signals our intent to grow the product across key geographies and provide significant value, flexibility and choice to our clients,” he added.