What’s New
In each edition of this newsletter, we’ll be highlighting recent developments within Lockton that could provide additional benefit to your clients. For example, we’ll be covering new product lines and facilities, partnerships and joint ventures.
New Client Solutions
Cyber SME Facility
In an increasingly volatile climate, companies the world over face an array of security challenges. We haven’t always been able to support them – until now.
Joining forces with leading insurers Canopius, we’ve designed a Cyber offer specifically for small-to-medium businesses. With a global focus, the Profin team in London has worked tirelessly to offer businesses across the number of territories a meaningful solution to their Cyber needs. We welcome this opportunity for new business and look forward to seeing this chapter unfold.
Lockton Agri Lineslip
Lockton’s local team has formed an exclusive partnership with the Cornell Unit in Kansas City to bring a pipeline of business into London and assist with production. Collaboration with the STP team in London will also help ensure a competitive offering and broader coverage than is currently available from the US markets.
New Capabilities
New US Casualty Practice in London
Our newly created US Casualty practice in London aligns our existing US casualty teams across P&C Specialties, Bermuda, Energy and Construction. The combined practice stands out as a market-leading team, driven by a singular focus on bringing exceptional service and creative solutions to your clients.
The team combines our existing deep expertise across a diverse range of industry verticals, technical wording specialists, and integrated claims support. Its creation will empower you to offer the most compelling casualty insurance solutions, regardless of which industry, product line or territory your clients operate in.
The team takes a consultative and holistic approach to the unique exposures your clients face. It is dedicated to bringing the best available solutions to drive down total cost of risk and protect your clients’ balance sheets.
Casualty capabilities we offer you include:
- Primary/Lead/Excess liability coverage for US business accessing London, European and Bermudan marketplaces
- Companion punitive wraps providing affirmative coverage
Unique program structures:
- Alternative program structures including but not limited to:
- Swing/retro-rated
- Corridor deductible
- Deductible buy down
- Buffer layers
- Structured/multi-year deals
- Multi-class deal
Key areas of Specialty:
- Sexual Abuse & Molestation
- Wildfire Liability
- Law Enforcement Liability
- Punitive Damages
- Follow Form Occurrence/Claims Made
- Integrated Occurrence
- Bespoke Tailored Policy Forms
Our newly created after the event insurance (ATE) practice in London is headed by a qualified lawyer who has worked in the legal expenses insurance and litigation funding space for over 18 years, initially in a legal advisory capacity, but later as a principal underwriter and managing director of an ATE insurer.
New After the Event Insurance Practice in London
Our newly created after the event insurance (ATE) practice in London is headed by a qualified lawyer who has worked in the legal expenses insurance and litigation funding space for over 18 years, initially in a legal advisory capacity, but later as a principal underwriter and managing director of an ATE insurer. Most recently, they established a new product division within an existing insurer. They have also worked with insurers and reinsurers with regard to due diligence, business development, education and training and day to day management of their portfolios.
ATE insurance is crucial in UK litigation, allowing litigants to proceed on a ‘no win, no fee’ basis by covering legal costs and expenses if they lose. It is mostly used by claimants and can be purchased by law firms and litigation funders.
ATE insurance comes in various forms, including individual policies, group policies, master policies, and capital protection products. We offer expert guidance in the ATE insurance market, ensuring tailored solutions to mitigate litigation risks for claimants, law firms, and funders.
What we bring to your clients:
- Expert ATE problem solvers
- Comprehensive service offer across everything ATE-related
- Preferred partner to leading solicitors and litigation funders
- Proven ability to source optimal ATE insurance solutions for solicitors and clients
- Known for sourcing high-quality ATE insurance cover for litigation funders
- A long track record of sourcing fronting insurers in the ATE insurance space.
With our strong industry track record in legal, litigation funding and legal expenses insurance, you now have access to a sector leading solution for clients seeking insurance solutions in this niche area.
ATE solutions offered include:
- Individual policies arranged directly between a claimant (or claimant group) and an insurance company
- Group policies that cover multiple claimants who are all clients of the same law firm or participants in a group litigation under a Group Litigation Order
- Master polices set up between a law firm and an insurer to cover multiple cases
- Capital protection products (also known as ‘wrappers’), where a litigation fund, law firm or investor buys insurance to cover their exposure to litigation risk across a portfolio or group of cases (tailored cover can also be created to cover capital protection requirements)
Space & Satellites
Our team of space insurance professionals is well versed in all aspects of the space sector, which extends well beyond the conventional communications satellite.
Leveraging our extensive knowledge of the space insurance market, we craft products developed to meet the unique requirements of each individual client.
Our experience spans collaborations with established geostationary satellite operators, innovative NewSpace start-ups and everything in between.
Our expertise includes a deep technical understanding of space technologies and the unique challenges associated with the space environment. Our clients benefit from our high-quality risk analysis, comprehensive market knowledge, and strong connections with space insurance underwriters.
Parametrics
Often used to cover natural catastrophes, parametric insurance ensures that, if a predefined event (like a hailstorm or flood) occurs at a pre-defined location (like a building or solar farm), the insured will receive a pre-defined payout - usually within a few weeks. Better planning makes for better outcomes.
Tailoring decades of data to your clients’ needs, our climate and stochastic modeling experts review the probability of a specific event occurring at any location for which cover is required.
We then define the financial loss a client business would face – and the exact payout. Claims are settled within weeks, if not days, and sometimes just hours.
New Offshore Project Team
In May, a new Offshore Project Team was created within LGE in London. The focus will be on interconnectors and subsea cables, FPSOs, FLNGs, FRSUs, platforms, rigs, pipelines, offshore construction vessels, offshore terminals and buoys, offshore wind and floating wind. The new team is already collaborating strongly with our MENA team on NPCC Aramco.