Willis Re has set up a $US400 million ($497 million) syndicated reinsurance facility to give insurers broad protection against catastrophic and systemic loss.

The reinsurance broker says 20 leading reinsurers support it, and the level of capacity is an industry first.

Global CEO of Willis Re John Cavanagh says the facility is the result of 25 years’ research and development.

“Willis Re can now offer… clients a tried and tested reinsurance solution protecting against events that affect multiple accident years, create quarter-on-quarter earnings pressure and represent a significant unknown in terms of quantum from the time the event is discovered until it becomes a paid loss,” he said.