Coming on the heels of Aon Benfield launching a Chilean earthquake property facility with Ascot, Aon Benfield announced that its clients can place up to $250m in facultative US Terrorism coverage via pre-negotiated facilities with Lloyd’s syndicates with Ascot the lead and Amlin, Beazley and Liberty following Ascot.
AgencyPortal’s tools-based configuration and the experienced teams from both AgencyPort and Aon Benfield are taking facility agreements online very rapidly allowing Aon Benfield to address pressing facultative reinsurance market needs.
Second, FAConnect now supports syndicated placement of facultative reinsurance. Where pre-negotiatied facilities for a particular coverage provide for a reinsurance carrier to act as lead and one or many other carriers to act as follower, FAConnect enables the same fast online binding as for facilities with one cedant trading with one reinsurer. The cedant can choose from their available facilities and adjust the ratio of coverage between the lead and the followers and then bind the risk. Cedants and Aon Benfield brokers acting online on behalf of cedants (there are thousands of cedants in FAConnect already) may then immediately view bordereaux reports for each carrier in the transaction.
Both the online trading capabilities and the number of facilities and trading partners available in FAConnect continue to grow at a fast pace.