Amwins Access, a nationwide binding and brokerage platform for small P&C and personal lines accounts, has launched an Excess Wildfire Product for California Residential Properties.
Amwins is an independent wholesale distributor of specialty insurance products in the US, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services.
The Excess Wildfire Product is designed to complement a self-insured retention plan or the California FAIR (or a similar) plan.
The product is written in partnership with AM Best, A+ (Superior) rated PartnerRe Insurance Solutions Bermuda Ltd. who is providing excess wildfire coverage. Additionally, Kettle Limited (Kettle) will provide key data analysis, modelling and pricing, matching markets with appetite.
Over the past decade, Amwins said California has experienced a series of devastating wildfire losses that have particularly impacted high-value residential properties, creating a “perfect storm of vulnerability.”
Further, with climate change and weather patterns predicting little respite from these disasters, Amwins said it on a mission to tackle the challenge of the California wildfire market.
The excess wildfire product is available in California only and to Amwins appointed retail partners exclusively. This single-peril product is specific to wildfire loss, providing up to $7m excess wildfire coverage for residential dwellings with replacement costs of up to $20m.
Kris Zebratski, senior vice president at Amwins Access, said, “Risk placements in wildfire and other CAT-exposed areas remain challenging, with rates and deductibles continuing to climb.
“The situation not only presents capacity challenges, but also adds complexity to the coverage placement process, leaving policyholders exposed to significant losses. Within this dynamic market, we’re excited to join with PartnerRe Insurance Solutions Bermuda Ltd. and Kettle to provide our market partners with profitable results and unparalleled distribution, while also acting as problem solvers for our retail agents, creating innovative products tailored to their unique needs.”
Earlier this year, Amwins made a minority investment in Australian start-up MGA incubator Rhodian.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
