Risk transfer facility launched

Bowring Marsh, the international specialist broker at Marsh, has created five bespoke risk transfer products covering property, casualty and terrorism risks - drawing on the strengths of syndicated placements that enable risk to be distributed across a broader number of carriers.

For example, the new terrorism facility provides up to $250m (£160m) property damage and business interruption coverage following an act of terrorism and/or sabotage and is underwritten by 13 Lloyd's syndicates.

Mark Gregory, chief executive officer of Bowring Marsh, said: "Our clients want to have their risks spread across a broader base of carriers." He also pointed out "unique features" of the new products. "For example, the casualty facility provides a new option for lead capacity excess of underlying retentions, while under the property and terrorism facilities, certain underwriter experts in their field have agreed to authorise the leading underwriters to quote and bind participations on their behalf. This is highly unusual on programmes of the size and complexity that these facilities address."

Andrew Chester, head of Bowring Marsh in London, added: "These products have been designed to mitigate during extreme market volatility. The Lloyd's and London company markets have once again been innovative in the face of an exceptionally challenging business environment."

Separately, Marsh has launched a trade credit helpline after cover enquiries doubled in 12 months and the protection available from insurers becomes limited in some sectors.

The helpline for UK businesses will provide advice on a range of areas including if a business or anyone they trade with has had their credit insurance reduced or withdrawn; is worried that payments from debtors may be missed due to default or insolvency; or is currently renegotiating lending facilities with reluctant bankers.