Marsh Risk, the insurance brokerage arm of Marsh, has launched BX1, a new insurance facility in Bermuda designed to provide substantial excess casualty insurance to U.S. customers.
BX1 provides a unified $50 million excess casualty capability to U.S. customers facing demanding casualty markets.
Leveraging the integrated capabilities of Bermuda’s leading insurers Ascot, Markel, Ark and Sompo, the Marsh Bermuda contract provides certainty of placement and features superior policy terms tailored to complex risk requirements, the company said.
This structure helps streamline documentation and claims processing by providing a single claims decision-maker and point of contact, thereby reducing administrative complexity and claims expenses for clients.
The policy is issued on Marsh XSellence’s proprietary excess casualty form, providing coverage that follows the form and includes affirmative coverage for punitive damages.
Notably, it includes punitive damages, an important insurance protection that is often excluded or limited in standard casualty plans.
The BX1 is structured to meet the complex casualty placement needs of nearly every industry, offering a minimum attachment point of just $10m with the flexibility to attach at higher limits.
Commenting on the agency, Marsh Risk International Placement Bermuda CEO Lindsay Roos said: “The US casualty market continues to face significant challenges with increasing complexity and risks to clients.
“BX1 addresses these challenges by delivering large, consolidated capacity, placement certainty and streamlined claims processing. This facility provides our customers with clarity, enhanced coverage and the confidence to more easily navigate a demanding liability environment.”
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