Ardonagh Specialty launches cross class follow capacity solution with Beazley
15 April 2021
- First dedicated follow capacity through Ardonagh Portfolio Solutions with $350m USD in-scope client portfolio
- Culmination of years of investment in proprietary data analytics with intention to expand follow capital to broader client base and add additional capacity providers
Ardonagh Specialty today announces a cross class follow capacity solution with Beazley that will exclusively benefit Price Forbes clients across multiple classes.
The arrangement will see the Beazley Smart Tracker (Special Purpose Syndicate 5623) follow pre-approved Lloyd’s leaders across placements in Cargo, Specie, Terrorism, Financial Products, Healthcare and Marine. The line size is pre-determined across the portfolio and offers clients certainty of capacity in continuing challenging market conditions.
The in-scope client portfolio across these lines is around $350m USD, and represents the first phase of delivery of meaningful dedicated follow capacity through Ardonagh Portfolio Solutions. The team intend to broaden the scope and expand the line size offered over coming months.
The Portfolio Solution will be managed within Equinox, which is part of Price Forbes. The arrangement will be fully-digitally integrated into internal systems, utilising in house developed EDGE technology, to ensure ease of capacity deployment and constant accessibility for clients.
Ardonagh Specialty CEO James Masterton said: “This announcement is the culmination of years of investment and development by the Price Forbes and Ardonagh Portfolio Solutions teams into proprietary data analytics and modelling based firmly on optimising placement to delivery with speed and confidence for our clients. The ability to aggregate Portfolio data is somewhat of a holy grail for brokers and this deal represents a firm endorsement of the data-powered strategy the team have built. To secure exclusive, dedicated capacity for our clients during this market cycle is an achievement we are very proud of and as we deepen the data set to include Bishopsgate and CLM over time we hope to broaden the offering for our clients.”
Stephen Dando, Ardonagh Head of Placement, said: “The arrangement with Beazley is a huge endorsement of the modelling and data aggregation work by the APS team to deliver efficient deployment of capital. We look forward to a long and fruitful working relationship with Beazley and to both expanding delivery of follow capital to a broader client base, and also adding additional capacity providers onto the facility.”
Graeme MacMillan, CEO of product and distribution management within the Ardonagh Group adds: “As the follow-form marketplace in London matures and evolves, we will continue to invest in data capture, analytics and solution development to harness our portfolios in support of our clients’ placement needs in the Global Specialty arena.
“Today is a significant milestone in Ardonagh’s broader journey to invest in data insight and analytics. With the acquisition of Orange Bear last month we are continually deepening our capabilities to bring better digital insight and products to millions of clients across the Group.”
Beazley launched the Smart Tracker Syndicate in 2018 to provide efficient, low volatility investment opportunities for third-party capital. It writes $200m USD GWP through cross-class, broker-led facilities of which this arrangement with Ardonagh is the latest.
Will Roscoe, Head of Alternative Portfolio Underwriting at Beazley, commented: “After an extensive period of exploration and diligence with Ardonagh and Price Forbes, we’re excited about the mutual benefits for clients and capital providers, led by data science and risk modelling. Through Beazley Smart Tracker we aim to provide greater ease and certainty in obtaining follow capacity behind high quality pre-approved underwriting leads. This model succeeds when we collaborate with partners that hold the granular data essential to portfolio underwriting, and that share our goal of improving the efficiency of the follow capacity model in the London market.”
Notes to Editors
Ardonagh Specialty is the holding company and growth platform for leading independent brokers Price Forbes, Bishopsgate and Compass London Markets.
With strong presence and deep relationships worldwide and a steadfast commitment to investing in the best people, markets and technology, together these brands offer open market, programmes and international solutions designed to empower clients to achieve their strategic ambition