Allianz Commercial has announced that it has increased its capacity for Excess of Loss cover, which will now allow brokers to purchase excess liability cover up to £50m per individual class of business.
The move, which supports Allianz’s ambition to significantly grow its portfolio across casualty lines, follows a broadening of the company’s underwriting appetite, so that cover is now available for an even wider range of trades and is suitable for SMEs through to mid-large corporates.
Features of the Excess of Loss offering include:
- Increased capacity from £25m to £50m
- Excess Employers’ Liability, Public and Products Liability, standalone Public Liability and JCT 6.5.1.
- Policies can be tailored for one-off projects, short term contracts or written as an annual policy
In November, Allianz empowered all of its branch property and casualty underwriters to trade Excess of Loss policies at a local level and made changes to the underwriting process, in order to make it quicker and easier for brokers to do business.
Stuart Toal, casualty account manager, Allianz Commercial, comments: “With claims costs increasing year on year, it is more important than ever to ensure clients are fully protected if the worst were to happen.
“We believe there is a demand for higher levels of liability insurance and by taking the decision to double our excess underwriting capacity, we believe that we can significantly expand our footprint in this key area.”
Notes to Editors
1. Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide. Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2015, over 142,000 employees in more than 70 countries achieved total revenues of approximately 125.2bn euros.
2. For intermediary use only