Lloyd’s syndicate introduces wind buy-back product for US homeowners
Lloyd’s syndicate introduces wind buy-back product for US homeowners | Insurance Business America
Property
Lloyd’s syndicate introduces wind buy-back product for US homeowners
New offering “a natural extension” of firm’s commercial specialism
Property
By
Terry Gangcuangco
Lloyd’s syndicate AEGIS London has unveiled a new wind deductible buy-back product tailored for private property owners in the US.
Calum Williams (pictured), digital development manager, explained that shifts in the US homeowners’ insurance market have driven brokers to seek a residential version of AEGIS London’s commercial wind and hail deductible buy-back product.
“The growing number of severe weather events in North America has led to growing demand for greater protection for private property owners who are increasingly having to retain more risk, particularly in the high-net-worth sector,” Williams noted.
“At AEGIS London, we’ve a strong track record in underwriting wind deductible buy-backs for the commercial sector, so this felt like a natural extension of our specialism.”
Wind deductible buy-backs enable clients to reduce deductibles for wind and named storm damage to their private properties. The new product is now accessible to surplus lines brokers via AEGIS London’s digital quote and bind platform Opal.
Citing US National Oceanic and Atmospheric Administration’s Storm Prediction Center data published by The New York Times, AEGIS London said there were a record 28 extreme weather events in 2023 that caused $92.9 billion in damages.
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