Reinsurance News

Rokstone launches $225m Terrorism facility for US & Caribbean risks

6th July 2022 - Author: Jack Willard

International Specialty re/insurance MGA, and part of the Aventum Group – Rokstone has announced the launch of a Terrorism facility for US and Caribbean risks with a $225 million limit, making it one of the largest Terrorism limits available in the market.

police-terrorism-cordonDrawing on 100% A-rated Lloyd’s & London Market capacity, the facility is aimed at all risks within the US & Caribbean market.

At the same time, the facility has both a quote, buy, and bind platform, along with a traditional, ‘open market’ offering running parallel, covering both primary and excess layers, as well as providing brokers with a ‘one-stop shop’ solution.

With the addition of Rahman, Rokstone commits to respond to all enquiries within 24 hours.

In addition, Rokstone has also announced that it has appointed Arif Rahman as the Head of Political Violence and Terrorism. Prior to Rokstone, he served at Fidelis Insurance where he spent three years underwriting for its Specialty Political Violence and Terrorism division.

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Addressing his appointment and the launch of the facility, Rahman, said: “I’m hugely excited to join Rokstone and proud to spearhead this unique Terrorism facility. Our plan was always to give brokers an efficient and comprehensive solution for US terrorism risks all under one roof.

“I am excited to work with the Rokstone management to further enhance the service offering we provide to our carrier partners and deliver a market leading experience in the coming years. Their commitment to this new panel is a strong vote of confidence in both the potential in the market, and our expertise.”

Meanwhile, in October 2021, Rokstone launched a new terrorism facility in the UK.

Moreover, Rokstone are offering Terrorism & Sabotage insurance as a superior alternative to TRIPRA, the US federal backstop programme which was set up following the September 11 terrorist attacks on the World Trade Center in order to respond to terrorism events.

TRIPRA offers public and private compensation for certain insured losses resulting from a certified act of terrorism. Crucially, TRIPRA claims must first be certified as an ‘Act’ by the Secretary of Treasury, in consultation with the Secretary of Homeland Security and the US Attorney General.

This certification procedure is onerous, and to date, has never paid out a claim. Rokstone’s offering purely requires an event to fit its broader definition of Terrorism, whilst also extending the coverage to include Sabotage.

In addition, clients are also able to elect a Terrorism specific limit and deductibles, and can choose which properties are covered under the policy, unlike TRIPRA where, typically, all locations must be covered up to the full policy limit, resulting in higher premiums for the client.

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