Aon Benfield, FAConnect & a Rapid Response to a Market Need
If you look at this, do you think of the Property insurance claim?
It’s one of many astounding images from the February 27th earthquake in Chile.
The market for property insurance is rapidly responding to the crisis, processing claims on existing policies and looking for new insurance markets to write property coverage in Chile.
Local firms in Chile (admitted carriers, banks, etc.) that source the policies want to have them reinsured. Aon Benfield has arranged a facultative reinsurance facility for up to $50mm per risk for primary, excess or proportional reinsurance with Ascot Underwriting. Firms in Chile can use FAConnect, the Aon Benfield online placement platform, to obtain reinsurance quotes.
We are proud to be able to use AgencyPortal and our delivery team to support Aon Benfield in reacting quickly to the needs of a particular market, in fact, the turnaround to bring the new facility online was just 4 days.
For more information, including Aon Benfield’s announcement that Ascot Underwriting was the first to bind a risk on FAConnect, see Aon Benfield’s press release here.