Featured products & market conditions
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- Tailored for hospitality, retail and manufacturing sectors
- Policies cover non-damage business interruption for loss of gross profit as a result of an epidemic and protects company balance sheets/cash flow in times of crisis
- Limits are material (up to USD100m) and can include access to specialised epidemic risk management experts to prepare for and mitigate the risk of an outbreak
- Coverage cannot be purchased retrospectively for specific disease outbreaks which have already occurred, including Covid-19.
- We help you deal with your client’s exposures in the UK and ensure they comply with statutory requirements
- A dedicated team experienced in placing and advising on all corporate lines
- Strong relationships with all markets means we can quickly find most competitive options
- Bespoke service level available dependent on your clients’ needs.
- Wide variety of industries catered for, from heavy manufacturing & industrial to pharmaceuticals & telecoms
- We work with 30 financially secure markets at Lloyd's, Companies or International, including Bermuda
- Our leading casualty specialists have the knowledge, relationships and experience to deal with the most complex of issues.
- Cover designed to respond irrespective of motivation; terror, non-terror, hostage and workplace violence incidents
- No physical damage required to respond the policy
- Cover for property damage, liability, business interruption losses and can be extended to cover threat
- Includes crisis management, PR and counselling costs, which a general liability policy would not.
rates, capacity & appetite
- Efforts are firmly underway to build capacity behind the limited number of carriers currently offering epidemic/pandemic risk insurance. The London market recognises that pandemic risk requires a joined-up industry wide solution.
- We are in collaboration with specialist risk capital providers to find ways to meet the future needs of sectors that have been hardest hit and for whom cash flow is key (including Hospitality, Retail, Manufacturing).
- Insurers in this area have invested in specialist in-house teams and work with epidemiologists and virologists to provide tailored business interruption cover that responds to new communicable disease outbreaks.
- We are seeing rate increases for Liability (EL/GL), Auto and Property. For Property, LTU options are less freely available and capacity to write new business with heavier trades is reduced and/or declined entirely, due to trade/COPE information, regardless of premium income.
- Markets are becoming more selective, but we have the experience to find the most competitive markets using our knowledge across all industry groups and businesses.
- In light of Covid-19, Minimum & Deposit (M&D) renewal invites are being challenged for Liability (EL/GL).
- Group PA/Travel renewals are currently flat, but are being closely monitored given the extent of claims activity anticipated. Competition in the A&H market remains high.
- Rates have continued to increase over the past quarter as markets tighten their underwriting guidelines and appetites by around +5% to +10%.
- We expect to see some plateauing in rates over the next six months as markets re-load their capacities and have higher budget targets.
- Underwriters still have a broad appetite for risks – there is an increase in appetite for frame construction subject to stringent warranties.
- There is still plenty of capacity in London for well-presented risks. Capacity in Lloyd’s has remained stable over the past quarter.
- Pricing remains flat on a renewal basis and continues to be refined to match the exposed risk and the territory, rather than blanket state-wide rates. This leads to more appropriate premium levels.
- Our Active Assailant facility is growing in terms of sophistication and relevance, ensuring that tailored wordings match the specific needs of the clients.
- Average limits being purchased depend on industry sector: Manufacturing - 25m, Casino - 20m, Entertainment - 15m, Healthcare - 12.5m, Offices - 10m, Hotels - 7.5m, Education - 6m, Retail - 2m.
The Lloyd's Market alone writes 25% of all US excess and surplus lines business - providing cover when local market cannot or will not accept a risk.
In 1880, the first US policy was placed into Lloyd’s of London. Fast forward to today and the London Market is the largest (re)insurance subscription market globally, containing 350 re/insurance businesses, 91 syndicates, and 200 Brokers active in the London market.
- 52,000 re/insurance and risk management professionals
- Subscription market - more than one carrier can take a share of the same risk, meaning clients can find insurance for risks that are too large or complex for one insurer alone
- Particularly advantageous when it comes to unusual risks as we can discuss with a number of subject matter experts across many niches to provide tailored solutions
- Deep reserves of capital and experience built up over centuries help clients and insureds to get back on their feet when the worst happens
- Global reputation for delivering on its claims promise - paying over USD100m every week
- ...London makes it happen!
Miller travel & recent mutual wins
Our North American team regularly travel to McGriff offices and attend key insurance conferences and seminars that you may attend too. Check back regularly for the latest travel.
*Due to Covid-19 and the global restrictions on travel, Miller will not be undertaking business travel until further notice. However we are working on ways of 'visiting' our clients virtually through webinars and online conference calls.
In the meantime, take a look at some of the recent examples of where we have helped McGriff to win business.
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