Miles Smith reveals new lead underwriter on wholesale arrangement
Aspen has replaced Catlin as lead underwriter on Miles Smith’s waste insurance facility.
Catlin withdrew from waste and recycling risks last month, and had been the lead on Miles Smith’s facility for several years.
As the new lead underwriter, Aspen will take more than 50% of each risk, which is substantially more than Catlin wrote on the previous scheme. The other insurers following Aspen’s lead are also A rated.
Miles Smith chief executive Paul Chainey stressed that Catlin and A rated follow markets on the scheme would continue to meet legitimate claims and respond to mid-term adjustments as part of their run off.
Chainey told Insurance Times: “Aspen will work with us to further enhance the risk management of these particular risks and were extremely impressed by both the surveying and grasp of the industry we have. This facility is about risk selection, risk management, rates and TCF driven contract wordings.”
Chainey said the new scheme had improved cover, better wording and warranties with fewer conditions. “It’s more in line with the client’s own risk management protocols.
“Well managed and established waste and recycling companies will have no difficulty meeting the acceptance criteria.”
Chainey said Miles Smith could often deal with requests for cover within days on receipt of full information and risk survey.