Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, has teamed up with leading reinsurers to deliver enhanced facultative capacity for US Terrorism risk through its groundbreaking electronic placement platform, FAConnect.
Capacity for the facility is being supplied by several Lloyd’s Syndicates, led by Ascot and supported by Amlin, Beazley and Liberty. Aon Benfield clients can now access up to USD250m facultative Terrorism reinsurance cover for any one risk via FAConnect, in addition to the standard market capacity Aon Benfield can access on their behalf.
Elliot Richardson, Chief Executive Officer of Aon Benfield Fac, said “The new FAConnect Terrorism facility highlights how Aon Benfield is proactively sourcing the highest quality capital in order that we can deliver new capacity to our clients. Having access to the widest range of markets means we can structure the very best reinsurance solutions for our clients’ individual risk placements.”
Andrew Brooks, CEO of Ascot Underwriting, added: “This facility is an excellent vehicle for Ascot to respond to our customers’ needs for additional capacity. This product provides certainty of coverage and security for clients, and we are delighted to build on an already successful partnership with Aon Benfield and expand our offerings via FAConnect.”
The Terrorism facility follows the recently launched FAConnect Chile earthquake facility, which offers access to USD50m cover for any one risk, provided by Ascot Underwriting in an exclusive agreement.
FAConnect is a proprietary electronic platform that allows Aon Benfield clients to quote and bind their own facultative risk placements from any internet-enabled device in less than five minutes. It provides access to a range of global markets, and is designed for high volume, lower value transactions, where frictional costs have traditionally made it uneconomical for intermediaries to participate in the sector.
FAConnect users simply log-on and input the risk data to receive an automatic quote from their pre-negotiated market of choice. When the risk is accepted, a Fac Summary Page is generated, detailing coverage, limits, and premium information.
Facilities are monitored in real-time to track and report on underwriting rules, overall activity and production. Bordereaux, management reports and other production reports are also available, and first notices of loss can be processed through FAConnect by Aon Benfield claims teams.
