We are delighted to announce the most recent addition to our client list, Priority Underwriting an MGA focussed on Power Station Insurance. Priority Underwriting has been collaborating with their lead and sponsor syndicate Sompo Canopius (CNP 4444) to extend their operational power delegated authority to include both proportional and excess of loss participation, in addition to the current primary basis.
This increased capacity provided by Sompo Canopius plus additional capacity from other Lloyd’s carriers enables Priority Underwriting to lead or support power business with a share of up to $30m per risk. This will allow them to operate with greater flexibility in offering the brokers and their clients a prompt, efficient and unambiguous service while working towards delivering the best possible underwriting result for its capacity providers. The new capacity remains 100% Lloyd’s syndicate-backed.
NOVUS was implemented in November 2015 and went live in January 2016 with all backloaded risks and full proocessing signed off after a one month parrallel run.