Specialist global insurer Hiscox and RKH Reinsurance Brokers have launched a new variable consortium with a maximum line of over $20m for a range of general liability risks.
The general liability risks addressed by the consortium are wildfire, trucking and construction, among others.
The consortium allows Hiscox to bind capacity on behalf of its follow market.
It also provides consortium members with the opportunity to flex their line up to a selected maximum on a risk-by-risk basis.
The consortium is the third of a suite of US liability consortia led by the company. It is formed in response to a shortage of capacity in harder-to-place areas of the excess and surplus lines market, outside of the scope of its existing consortia.
The variable structure is said to offer flexibility to Hiscox and its consortium members to respond to more challenging and specialist risks.
It also offers brokers access to a meaningful amount of capacity from a single underwriting source, noted Hiscox.
The variable consortium is open to large risks domiciled in the USA and has already bound $1m GWP, the company said.
Hiscox London Market General Liability Line Underwriter Ed Wallis said: “Realising that some of the larger risks in highly exposed industries have been struggling to find capacity, we have been pleased to collaborate with RKH Reinsurance Brokers to put a truly innovative market response in place.
“The variable consortium offers general liability brokers and their clients a valuable point of entry for London market capacity, and will bring risks into the Lloyd’s market that might otherwise struggle to find a home.”
RKH Reinsurance executive director Brokers Tom Gauge said: “We were delighted to work with Hiscox to bring true innovation to the consortium placement process, which in turn has enhanced their product offering, and ultimately the ability of the Lloyd’s market to respond to its clients in a challenging trading environment.”