In a short space of time, Priority Underwriting has firmly established itself as a key primary insurer in the power sector. The specialist MGA (a Coverholder at Lloyd’s) is now set underwrite with increased limits with effect from 15th May 2016.
Priority Underwriting has been collaborating with their lead and sponsor syndicate Sompo Canopius (CNP 4444) to extend their operational power delegated authority to include both proportional and excess of loss participation, in addition to the current primary basis. This increased capacity provided by Sompo Canopius plus additional capacity from other Lloyd’s carriers enables Priority Underwriting to lead or support power business with a share of up to $30m per risk. This will allow them to operate with greater flexibility in offering the brokers and their clients a prompt, efficient and unambiguous service while working towards delivering the best possible underwriting result for its capacity providers. The new capacity remains 100% Lloyd’s syndicate-backed.
This positive move demonstrates the confidence the capacity providers have in Priority Underwriting’s disciplined underwriting approach and reliability-based modelling tools. It comes at a time where market conditions are under review following a rash of recent industry-specific losses and hence the need to fully exploit Priority’s combined market experience, trading and technical capabilities.
About Priority Underwriting
Priority Underwriting Limited was founded in January 2015 by Neil Prior and Ben Trayhorn as a Managing General Agent to specifically underwrite power business on behalf of certain Lloyd’s syndicates. In May 2015 is became a Coverholder at Lloyd’s with its application sponsored by Sompo Canopius (CNP 4444). Priority Underwriting Limited is an appointed representative of Ambant Underwriting Services Limited (for general insurance intermediary business), a company which is authorised and regulated by the Financial Conduct Authority under registration number 597301.