Our August placement of the month is a large accountancy firm that had been involved in some high-risk activities, including previous exposure to tax avoidance. As you might expect, the holding market was not willing to cover this. In addition, the insured had grown to a size that put them outside of many underwriters criteria, restricting the options even further. No strangers to a challenging placement, our team knew it was time to pull out all the stops.
Our first step was contacting the ICAEW for dispensation in order to aggregate the cover in respect of this work. Thankfully, Arch were able to come in and help us out secure a compliant limit of £1.5m. The institute was happy with this, along with an amended tax avoidance that was signed off by the ICAEW.
The next big issue was obtaining the excess layers as many insurers have not wanted to attach below £2m. Luckily, Sompo has agreed to quote for a £1.5m x £1.5m limit, opening up options to bring the total programme up to the £15m the insured has requested.
Another perfect example of our team’s expertise, dedication and excellent market relationships.