Aegis, a Lloyd’s underwriter, announced it has increased the capacity of its Shield terrorism risk program to $500 mn from $250 mn.
This capacity, supported by an Aegis London-led Lloyd’s consortium, offers terrorism coverage for U.S. businesses through surplus lines brokers, according to a statement from the Lloyd’s syndicate.
The expanded capacity is available via Opal, Aegis London’s digital quote-and-bind platform. Aegis stated that this increase responds to rising demand for terrorism insurance.
The higher capacity targets larger organizations operating across multiple locations with significant exposure to terrorist threats.
Aegis London explained that by doubling the available line size, it can now serve national enterprises in addition to its initial base of small and medium-sized businesses.
Calum Williams, digital development manager at Aegis London, stated that the expansion of Shield (Terror) with higher capacity and additional features responds to growing global terrorism risks and provides clients with the necessary coverage in an increasingly unpredictable environment.
He noted that the decision follows heightened concern over terrorism and active assailant threats.
Our decision to expand Shield (Terror) with increased capacity and enhanced features reflects our commitment to staying ahead of evolving global terrorism risks and helps our customers have the coverage they need in an increasingly unpredictable world.
Calum Williams, digital development manager, Aegis London
Aegis London also adjusted sublimits within its terrorism coverage. The active assailant sublimit increased to $1 mn, reflecting higher demand for protection against shooting incidents in the U.S.
Additionally, the syndicate standardized sublimits for denial of access and loss of attraction exposures. Each policy now includes $5 mn of coverage for both.
Denial of access coverage compensates for losses caused by restricted access to insured properties due to covered events.
Loss of attraction coverage addresses revenue declines caused by reduced foot traffic or visitor numbers.
In February, AEGIS is offering a solution for complex political violence risks with limits up to $100m.
James MacDonald, War & Terrorism Class Underwriter at AEGIS London said: “We are delighted to launch this new and compelling offering, enabling our valued brokers and clients to efficiently secure comprehensive political violence coverage through this 100% solution.”
AEGIS London’s Political Violence Consortium offers cover for the full spectrum of political violence and terrorism perils, including sabotage, strikes, riots and civil commotion (SRCC), insurrection, revolution, war, and civil war. Cover is available across a range of sectors including retail, industrial, leisure, financial, logistics, transport, and construction.
With heightened tensions and a plethora of geopolitical stressors increasingly prevalent across the globe, we see growing interest from a range of industries to secure new political violence and terrorism (PVT) insurance, along with augmented appetite from existing insureds to expand their policy limits and coverage options.
James MacDonald, War & Terrorism Class Underwriter at AEGIS London
MacDonald added, “The new AEGIS London Political Violence Consortium can therefore ably cater for the emerging needs of these clients as they seek to secure or expand political violence coverage.”
Matthew Yeldham, Chief Underwriting Officer at AEGIS London, said: “Our Political Violence and Terrorism Underwriting team is highly regarded in the market, and this product will make a real difference to businesses around the world seeking the necessary breadth of coverage and policy limits to secure their businesses against PVT losses. We are proud to have built this consortium.”
