Fast Track is a new insurance company Marsh founded that is run by QBE. It is anticipated to provide a “substantial amount” of additional “follow form” capacity to its clients across all significant lines of business in the world.
A panel of A-rated international insurers based in Lloyd’s support the broker’s new facility.
In accordance with the rules of Fast Track, insurers will adhere to all conditions established by the lead underwriter and offer up to 10% of the capacity for policies written on a subscription basis.
With the exception of motor, Marsh’s clients will be able to access the facility globally across all significant classes of business.
The introduction of Fast Track also occurs during a particularly difficult time for clients, as the fourth quarter of 2022 saw the 21st consecutive quarter of rising global insurance prices, with loss-affected sectors and geographical areas being particularly affected.
According to Lucy Clarke, President of Marsh Specialty and Global Placement, the facility will give clients the option to access dedicated, pre-arranged capacity that is only available to Marsh clients across their entire spectrum of risks at a time when insurance capacity is constrained in many industries and regions.
Marsh’s UK Head of Placement, Simon Delchar, stated: “Market conditions remained difficult at the 1st of April renewals as several clients encountered price rises and capacity constraints. We created the Fast Track capability to deliver better results for our clients given the anticipated continuation of challenging trade circumstances.
In order to provide long-term consistency and stability of insurance capacity, Peter Burton, Executive Director of International Markets at QBE, added: “QBE is absolutely happy to be leading this facility for Marsh and to be offering Marsh’s worldwide client base the choice of the facility. The London and Lloyd’s markets should be commended for showcasing such innovation and providing a genuinely global client proposition.