Lloyd’s has secured a long term deal with FTA Insurance providing FTA with a 3 year capacity deal based on FTA’s outstanding underwriting results and expertise. Lloyd’s is firmly behind FTA, whose renewal was again oversubscribed by 5 of the leading Lloyd’s Syndicates.
Lloyd’s is the world’s preeminent insurance market with a history of always paying claims for over 300 years. Lloyd’s attracts the best capacity from around the world and uses that capacity to provide security to the world’s business. In 2019 Lloyd’s wrote AUD64billion in premium across the entire spectrum of general insurance.
Whilst in Australia the Financial Lines market is experiencing one of its hardest times in the last decade, by working with Lloyd’s, FTA provides certainty:
- FTA’s lead Syndicate is one of the few Syndicates named as requiring “light touch” regulation by Lloyd’s
- FTA is supported by the world’s two largest financial lines insurers; AIG (via its Talbot Lloyd’s platform) and Chubb Lloyd’s.
FTA are very pleased to continue providing long term stable capacity to the financial lines market that has experienced inconsistency and in parts unsustainable pricing.
The renewal process at Lloyd’s has become a formidable process over the last couple of years due to the initiatives Lloyd’s have in place to ensure profitability. This includes the “decil 10” review and a more stringent approval process of each insurer’s Lloyd’s business plan. Many insurers have not made it through this process and it is a credit to FTA that they have.
Lloyd’s has recognised that some of its Syndicates have a long history of successfully writing certain classes of business. The lead Syndicate of FTA’s capacity is such a Syndicate. This means that the Syndicate’s business plan is automatically signed off each year by Lloyd’s. Other Syndicates will have to go through a review process with Lloyd’s and this can mean that they can’t write as much business as they previously had written. No such issue for FTA’s lead and this gives certainty to FTA business partners.
FTA were also offered and entered into a 3 year capacity agreement. Most capacity arrangement (including reinsurance arrangements for insurers) in Australia are on a 12 month contract. This means the insurer or agency has to apply each year for another contract. If that contract is not granted then the insurer or agency may go into run off. The 3 year arrangement offered to FTA by Lloyd’s distinguishes FTA from its competition who don’t have such a commitment from their capital or capacity providers.
FTA remains committed to risk selection of excellent businesses from $400 minimum premiums to corporate accounts or excess layers. Whilst other insurers are remediating and reducing their portfolios FTA’s disciplined underwriting approach is allowing FTA to provide its current insureds and new insureds with preferential premiums. This enables FTA’s brokers to win more new business.
Now is the time to lock your clients in with FTA’s superior capacity which provides competitive premiums, broad coverage and protection for the future.
Combined with FTA’s reputation for Fast Turn Around and broad authority, partnering with FTA will help you expand your business.