Brit
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The carrier reported 14.2% top-line growth and rate increases of 10.2%.
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Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.
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The intermediary says the partnership puts Willis at the forefront of the ‘digital insurance revolution’.
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The carrier aims to “revolutionise’ writing of marine war and breach call risk.
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Director Dan Hearsum says the follow-only syndicate’s use of algorithms may actually help lead markets work more efficiently.
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The underwriter will specialise in D&O and commercial crime lines of business.
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The follow-only syndicate has more than 800 brokers on its platform and has released its first broker API.
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Wayne Page will report to CRO Shane Kingston.
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The carrier reported $271.4mn in Covid-19 losses and a combined ratio of 112.6%.
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There will be significant movements in the ranks of the top 10 syndicates in 2021, with Brit moving into second place and Axa XL tumbling to 7th.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
