DIFFICULT. DONE WELL.

The Risk

One of our broker partners was having difficulties with a property renewal for one of their long standing, high-value clients. Their client was a property owner with a residential block of flats of 70 units over 10 stories and the broker partner was growing increasingly worried due to the lack of interest for the risk due to a cladding exposure which was due to be removed.

Their previous insurer had not invited, they had no interest from composite markets, and they had also been turned away by other wholesale brokers.

Due to the high rebuild value of the property and long-standing relationship with the client, they were keen to find a solution and continue to service the client. They were running out of options and requested our help in finding a solution.

The Approach

As a Lloyd’s broker, we were able to take the risk open market and our experienced specialists utilised their market expertise to take the risk to a set of underwriters we knew could be interested. Although it was a timely process getting lines down, we continued firmly with the negotiations to source an acceptable solution for the broker partner and their client.

The Result

We managed to secure the required cover from a combination of three insurers and the broker partner was delighted we were able to find a solution.