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PRIMO CASUALTY CATASTROPHE PROTECTION
In 1986 Carvill launched a Casualty Catastrophe claims-made product to address the issues stemming from Traditional Occurrence Casualty Clash Covers arising out of both event definition and aggregation.
Shortly thereafter, a special claims-made clash facility for London buyers was developed. This product quickly became a success and continued to evolve over the years. Importantly, it paid losses where other covers in the market failed.
Today, under the name PRIMO cover, the policy wording has been updated and broadened to respond to the changing environment of casualty business worldwide particularly in the emerging area of “systemic” financial losses involving related business practices across a number of insureds. This product continues to develop and is readily available to the market. PRIMO covers all casualty lines (including GL,WCA, Auto, E&O,D&O, Fidelity etc.) and can be provided excess of, or alongside existing underlying occurrence clash reinsurances on a “stand alone” basis or as a top up to existing reinsurances.
PRIMO’s role in a company’s risk management program is designed to:
- Protect policy holders and in doing so give comfort to regulators.
- Mitigate spikes and peaks in underwriting loss experience.
- Protect the company’s credit rating.
- Protect the company’s share price.
- Provide capital against which to assume catastrophe aggregate.
PRIMO has a number of key advantages over other products currently available in the market. Some of these advantages are:
Clarity
- A clear event definition in what is a highly nebulous area.
- A comprehensive client manual.
- A pre-agreed mechanism to quickly clarify coverage questions.
- A high limit on availability
Flexibility:
- Language that lets you decide which claims should be reported
- No price increase despite enhancements.
- The ability to fit in with current reinsurance structures and cover both insurance and reinsurance business.
For more information on Casualty Catastrophe: Carvill Specialty Booklet
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