Falvey Insurance Group (FIG) has established strong partnerships to provide financial security and resiliency to our brokers and clients, giving them peace of mind that claims will be settled. We are excited to see our security partnerships expand and grow, even during the unexpected challenges of 2020. Here is a short summary of the security partner changes coming in 2021, categorized by subsidiary:
Falvey Cargo Underwriting (FCU):
Falvey Cargo, the largest cargo covernote holder at Lloyd’s of London, was able to grow its E/S capacity by 35% while still providing limits up to $175 million on any one conveyance/location. This capacity comes from 21 different security partners, including 18 Lloyd’s syndicates.
Additionally, FCU has continued to grow its admitted capacity. It has authority to grow another 30% through its various admitted facilities, with limits available up to $20 million on any one conveyance/location.
Safe Harbor Pollution Insurance:
Safe Harbor continues to be a consistent partner in the vessel pollution space and offers $175 million limits for vessel pollution liability. This is the result of continued years of profitable underwriting and strong partner relationships. In 2021, Starr Insurance Company Limited and Ascot Insurance Company maintained their relationship with Safe Harbor and support for growth, while State National increased its share to 71% of the program, replacing Berkshire Hathaway Specialty Insurance. This strong capacity gives Safe Harbor the ability to meet the future needs of the market and continue to grow as the leading vessel pollution solution in the market.
Falvey Shippers Insurance (FSI):
Falvey Shippers continued to grow at a significant rate through the end of 2020. As a result, additional capacity joined the FSI platform, including Chubb, Nationwide, Lloyd’s of London, and a new admitted facility backed by State National Insurance Company. This increase in capacity will enable FSI to continue to push its innovative Shipper’s Interest solution to the market.
FIG works all year to ensure capacity and quality paper is available for our clients and brokers to secure the coverage required.
For more information, please contact us.
