April 01, 2015
Broomfield, CO (March 31, 2015) – ICAT, a leading provider of property insurance to businesses and homeowners in catastrophe-exposed regions of the United States, is pleased to announce Lloyd’s has granted in ‘principle’ approval of a Special Purpose Syndicate (SPS) to further expand ICAT’s per risk capacity. Subject to completion of the application, the SPS is planned to go live on May 1, with a capacity of £8M (~$17M USD of gross written premium) for the 2015 underwriting year.
SPS 6123 will provide additional capacity to Syndicate 4242 to enable it to accommodate the significant growth opportunities within the medium sized ($25M - $100M in values) commercial property sector in the US. ICAT Syndicate 4242 has been a top performer in the market over its eight years of underwriting at Lloyd’s.
Commenting on the launch, Syndicate 4242’s Active Underwriter Megan McConnell said, “ICAT views the primary insurance market as attractive, and we continue to see more opportunity for superior priced business than can currently be accommodated within s.4242. The SPS enables ICAT to continue underwriting profitable new business into the Lloyd’s market.”
Special Purpose Syndicate 6123, will operate through a variable quota share facility for s.4242 for certain accounts rather than a whole account quota share. Underwriting for s.4242 is performed by ICAT from its Colorado offices.
“The addition of SPS 6123 is a key pillar in ICAT’s strategy to deliver per risk capacity of up to $75 million to our wholesale partners and reduce the risk of non-concurrent terms associated with traditional ‘shared and layered’ business to our customers,” added Gregory Butler, ICAT President. “Over the past several years, ICAT has developed complementary capacity to s.4242 to address this market risk and SPS 6123 is the latest example of this philosophy in practice.”
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Following the formation of its own Lloyd’s syndicate in 2007, Syndicate 4242, ICAT has principally underwritten on behalf of the syndicate.
ICAT is an underwriter at Lloyd’s of London through ICAT Syndicate 4242, rated “A” (Excellent) by A.M. Best Company and “A+” (Strong) by Standard & Poor’s. The ICAT Syndicate 4242 has been a top performer in the Lloyd’s market over its eight years of underwriting at Lloyd’s. The company also underwrites on behalf of other U.S.-based insurance companies and other syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully settled more than 12,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac, and Sandy.
ICAT has 193 employees and serves more than 40,000 customers in 38 states through its on-line quoting system, www.icat.com, and through traditional broker submissions. The company recently relocated to Broomfield, Colorado and has additional offices in Tampa, Florida, and Honolulu, Hawaii. The ICAT brand offers the promise of “Security, Service, Recovery” to their policyholders and brokers in providing insurance solutions to protect against natural catastrophe events. ICAT continues to expand through new products such as its Residential Earthquake product in California, which helps homeowners protect their largest asset in the event of an earthquake. For more information, visit icat.com.
David Haggie / Brian Norris
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