Price Forbes has expanded its cross-class facility, Lectio, to include construction and builders risk coverage.
The facility will now automatically follow pre-approved Lloyd’s leaders for short-term construction placements in the United States, Canada, and Australia.
Lectio was initially launched in April 2021, with scope across cargo, specie, financial products, healthcare, and marine insurance. At that time, the facility included approximately US$350 million in gross written premium (GWP).
Since then, its coverage has expanded to include additional classes such as aviation, cyber, onshore and offshore energy, financial institutions, marine, worldwide property, and power.
With the latest inclusion of construction/builders risk, the facility’s total premium scope has grown to around US$1.2 billion. Lectio offers clients and their brokers access to exclusive capacity through a streamlined approach that follows designated Lloyd’s leaders, enabling consistent placement and simplified coverage access.
The Lectio expansion follows broader branding efforts across the company’s reinsurance operations. In May last year, Ardonagh Specialty consolidated Inver Re and Equinox Re under the Price Forbes Re name.
Dan Walsh, chief underwriting officer for Lectio, said the new capacity reflects the impact of the facility’s data strategy and the insurer support behind it.
“Importantly, it will provide significant benefits to clients through increased efficiency and the ability to provide further tailored solutions,” Walsh said.
John Thompson (pictured above), CEO of Price Forbes Broking, said the addition of the construction line is the product of long-term internal development and investment.
“With this additional construction capacity, we can continue to provide our clients with the exceptional service and flexibility they have come to expect from Price Forbes,” Thompson said.
Recently, Price Forbes Re continued to build out its senior leadership team by appointing Isaac Sanday as global head of life, pensions, and annuities. Sanday, who previously led the life and annuities segment at Guy Carpenter, brings over 25 years of experience in the sector.
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