Global insurance broker WTW has launched a new property facility, Client Edge Facility, with specialty re/insurer Canopius.
This exclusive property option, now available in the market, was developed by WTW Corporate Risk and Broking, North America (CRB NA), Canopius US Insurance, Inc., and Verita Capital Solutions.
The new facility will be led by Canopius, underwritten on its U.S. Excess & Surplus (E&S) paper.
Lisa Davis, Chief Executive Officer, U.S. and Bermuda, Canopius, commented: ”Listening to the needs of clients was the driving force behind the development of Client Edge Facility, an innovative property solution. Being able to address evolving client demands in a nimble way such as this is core to how we do business.
“Leading this new property facility is the latest example of our rapidly expanding suite of capabilities in the U.S., serving as another proof point aligned with our ambitions for strategic growth. I am delighted to partner with WTW and Verita Capital Solutions to bring Client Edge Facility to market.”
Designed to accommodate shared and layered programs, the Client Edge Facility provides coverage for both large and complex risks along with middle-market property risks within WTW’s U.S. property portfolio.
The facility also provides additional property capacity with a specialised premium discount. Client Edge Facility enables WTW to efficiently deliver additional property capacity to clients with a limit of up to $25 million USD.
Additionally, Verita Capital Solutions’ extensive capabilities will enable WTW to continue to expand Client Edge Facility with additional property capacity, aligned with expansion into other lines of business.
Jackie Bolig, Head of Property & Casualty, CRB NA, WTW, said: “The development of Client Edge Facility was the result of extensive collaboration and commitment of WTW, Verita and Canopius to develop a new solution aimed at providing needed property capacity for clients, in an efficient manner. We are excited about expanding Client Edge Facility as the market demands.”
Edward Chiang, Chief Executive Officer, Verita CSG, Inc., added: “Managing this new facility represents a key milestone for the Verita Capital Solutions Division, highlighting our team’s expertise and the ability to pivot and execute on a large portfolio solution like Client Edge Facility.
“Verita will continue to introduce new, innovative insurance solutions to clients, brokers and capacity partners. I am pleased to partner with WTW and Canopius in launching Client Edge Facility.”
