Lloyd’s Syndicate Launches Wind Buyback Product for US Homeowners | Insurance business America
New offering “a natural extension” of the company’s commercial specialization
Property
By Terry Gangcuangco
Lloyd’s syndicate AEGIS London has unveiled a new wind turbine excess buyback product specifically tailored to private property owners in the US.
Calum Williams (pictured), digital development manager, explained that changes in the US homeowners insurance market have prompted brokers to seek a residential version of AEGIS London’s commercial wind and hail damage buyback product.
“The increasing number of severe weather events in North America has led to a growing demand for greater protection for private property owners who are increasingly having to take on more risk, particularly in the high net worth sector,” noted Williams.
“At AEGIS London we have a strong track record of underwriting wind energy retention buybacks for the commercial sector, so this seemed a natural extension of our specialism.”
Wind deductible buybacks allow customers to reduce deductibles for wind and named storm damage to their private properties. The new product is now accessible to surplus lines brokers via AEGIS London’s Opal digital quoting and engagement platform.
Citing data from the US National Oceanic and Atmospheric Administration’s Storm Prediction Center published by The New York Times, AEGIS London said there were a record 28 extreme weather events in 2023, causing damages of 92.9 billions of US dollars.
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2024-05-23 04:40:00
www.insurancebusinessmag.com
