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Allianz Commercial* announced it has increased its capacity for excess of loss cover, which will now allow brokers to purchase excess liability cover up to 拢50 million ($70.5 million) per individual class of business.

The move, which supports Allianz’s ambition to significantly grow its portfolio across casualty lines, follows a broadening of the company’s underwriting appetite, so that cover is now available for an even wider range of trades and is suitable for small and medium-sized enterprises (SMEs) through to mid-large corporates.

Features of the excess of loss offering include:

• Increased capacity from 拢25 million ($35.2 million) to 拢50 million ($70.5 million)
• Excess employers’ liability, public and products liability, standalone public liability and JCT 6.5.1 (The Joint Contracts Tribunal’s Clause 6.5.1 places a requirement on contractors to organize joint non-negligent damage insurance for themselves and their clients.)
• Policies can be tailored for one-off projects, short term contracts or written as an annual policy.

In November 2015, Allianz said it empowered its branch property and casualty underwriters to trade excess of loss policies at a local level and made changes to the underwriting process, in order to make it quicker and easier for brokers to do business.

“With claims costs increasing year on year, it is more important than ever to ensure clients are fully protected if the worst were to happen,” commented Stuart Toal, casualty account manager, Allianz Commercial. “We believe there is a demand for higher levels of liability insurance and by taking the decision to double our excess underwriting capacity, we believe that we can significantly expand our footprint in this key area.”

* Allianz Commercial is a division of Allianz Insurance, based in Guildford, England and part of Allianz Group.

Source: Allianz Insurance

Topics Excess Surplus Commercial Lines