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19 May 2013
Chartis will throw its doors open around the world to large commercial property risks by introducing high-limit property covers of up to $US1.5 billion per risk – of which it will be the sole insurer.
The move is significant, as Chartis has previously taken a conservative approach to large property risks, typically taking a smaller share of risks further down the slip and largely offsetting its exposure through high levels of reinsurance cover.
But Chartis UK MD Nicolas Aubert revealed at a risk management conference in London that high-limit commercial property covers have successfully been offered by US surplus lines insurer Lexington, a Chartis subsidiary, and as a result the company now plans to roll the product out around the globe.
Mr Aubert said the company plans to launch a campaign for UK brokers to inform them of the new product and says Chartis will join only a handful of other insurers offering a similar facility.
The move, which has yet to be confirmed by Chartis headquarters in New York, follows recent news of the company’s plan to cut its reinsurance spend by 25% in 2012, signalling a renewed confidence in the strength of its portfolio and a willingness to take on more risk.
Chartis’ parent company AIG was the recipient of a massive US Government bailout in 2008.
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