Lloyd’s has granted approval for Wildfire Defense Syndicate 1996, which offers excess and surplus (E&S) lines of property insurance for commercial risks exposed to California wildfires.
This syndicate was formed under the Syndicate-in-a-Box programme of Lloyd’s, according to a press release by Polo Managing Agency (PMA).
PMA is Lloyd’s managing agent of Wildfire Defense Syndicate 1996.
The approval will also enable Wildfire Defence Insurance Services, a current Lloyd’s cover holder, in expanding its capabilities in offering coverage for wildfire-exposed risks.
With the latest development, Syndicate 1996 will receive Wildfire Defense Systems’ (WDS) insurance services for the protection of properties.
The emergency response team of WDS is said to have responded to over 1,200 wildfire incidents in 22 US states, reducing significant financial losses for the insurance sector.
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The WDS team comprises wildfire officers, firefighters, skilled fire scientists, data researchers and incident commanders, among others.
WDS executive chairman and founder David Torgerson said: “The Wildfire Defense brand represents the largest private sector wildfire services provider in the United States with extensive services and a continuing commitment to reducing wildfire losses throughout the entire insurance industry, including California E&S commercial properties.
“At our core, we are a system of companies, each taking a piece of the equation to create wildfire solutions in a climate change environment.
“Wildfire Defense Syndicate 1996 is a natural progression of our strategy and passion for sustainable insurance in wildfire-prone regions.”