Winning business through collaboration and innovation

Initial steps

We received the conceptual enquiry and although the risk was not due for another two months, we proactively:

1. Expressed interest
2. Checked target premium and cover requirements
3. Outlined our Non-Pool Re Terrorism facility

Broker’s delight

Our proactive approach was met with enthusiasm from the Broker, who had received little interest from the market. Our initiative fostered a strong commitment to collaborate and create a compelling alternative programme.

The Broker was also keen to move away from their current provider due to service and accessibility issues.

Collaboration and engagement

Recognising the unique nature and size of the risk (£450m+ Total MD/BI Sum Insured including Stock of Vehicles @ £250m+), we engaged with our capacity who then asked us to draft a rating proposal using our Delegated Underwriting Authority (DUA).

We prepared and signed off on the proposal – everything seemed positive. However, that’s when the real work started:

Unexpected challenges

1. Incorrect BI Sum Insured:
   • The Broker informed us that the Business Interruption (BI) sum insured needed to be doubled to align with a 24-month indemnity period.
   • We swiftly revised and got sign-off from the insurer.
2. Increased Vehicle Stock:
   • The Broker then advised a significant increase in vehicle stock at the main location, pushing the exposure above £100m.
   • We coordinated with the insurer, who introduced us to a Lloyd’s Syndicate to secure an excess layer quote.

With assistance from our London Market experts, we procured an Excess of Loss programme, even requiring coordination with a second excess layer Syndicate at Lloyds.

Successful collaboration

Throughout this process, we maintained daily communication with the Broker and kept all stakeholders updated. We also had invaluable support from our Compliance head and the Mid-Market and Finance teams to set up the programme correctly.

The result

• Broker delight: We saved the Broker approximately £8k in premium, securing the order with a total premium of around £77k.
• Team effort and communication: Our success was the result of exceptional teamwork, lateral thinking, and seamless communication both internally and with our Broker and Capacity providers.
• Highlighting expertise: This win underscores our ability to handle complex risks and offer compelling alternative solutions.

This story is a testament to our commitment to innovation, teamwork, and broker/client success.