Cross-class facility grows to $1.2bn in premium with new builders risk capacity, broker Price Forbes said.
Price Forbes has expanded its Lectio cross-class facility to include construction and builders risk coverage, further broadening the reach of the exclusive follow-market platform.
The new capacity will follow pre-approved Lloyd’s leaders on short-period construction placements in the US, Canada and Australia.
Launched in April 2021 with an initial focus on cargo, specie, financial products, healthcare and marine, Lectio now spans a wide range of classes with approximately $1.2bn in premium in scope.
Current coverage includes aviation, cargo and stock throughput, cyber, onshore and offshore energy, financial institutions, marine, global property, power, and now, construction.
Dan Walsh, chief underwriting officer of Lectio, said: “The new capacity represents a significant advancement for the Lectio facility, underlining the value of our data strategy and the confidence placed in it by best-in-class insurers. Importantly, it will provide significant benefits to clients through increased efficiency and the ability to provide further tailored solutions.”
Lectio operates as an exclusive facility, giving clients and their brokers guaranteed access to capacity backed by selected Lloyd’s markets.
John Thompson, CEO of Price Forbes Broking, said: “Developments like this don’t happen quickly or often. They are the result of years of hard work and investment, so I’m delighted that our team has got this new class of business across the line.
“With this additional construction capacity, we can continue to provide our clients with the exceptional service and flexibility they have come to expect from Price Forbes,” he added.
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