Rapid response to major loss
A large fire claim was received by the London market at circa USD360m in September 2020. We wrote the primary USD25m layer and within a day of receiving the collection request had already begun paying out to the affected client. We ensured that as soon as the cash call request had come through we had paid our entire share of the claim within 48 hours.
Many London market underwriters were put on notice for the loss, but being outside of Lloyd’s we were able to process the payment far more quickly. We benefit from not being affiliated with any bureau i.e. XCS, which Lloyd’s and LIRMA markets have to utilise to pay claims, which ordinarily extends their ability to pay claims by at least five working days.