HAMILTON, BERMUDA, February 26, 2024 — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, announces the launch of the Bermuda Excess Casualty Construction Facility. This solution is the latest innovation from WTW to serve the specific needs of clients in the construction industry.
“We are very pleased to be able to offer our clients with an additional competitive option for their excess liability.”
Jim Dunlap | North American Construction Broking Leader, CRB at WTW
Tailored to meet the needs of clients in the North American market, WTW's Bermuda Excess Construction Facility offers an enhanced range of $25 million to $50 million in excess capacity, providing crucial reinforcement for construction projects. Excess capacity is available attaching at $10 million per occurrence, ensuring comprehensive coverage for unforeseen circumstances. Employing a simplified slip format, the facility expedites the insurance process, thus facilitating a faster quote-to-policy timeline and eliminating unnecessary delays. With underwriters committing to clients within a swift 3-day window, the facility provides expedited access to essential capacity, a key advantage in the fast-paced construction sector.
"We are very pleased to be able to offer our clients with an additional competitive option for their excess liability," said Jim Dunlap, North American Construction Broking Leader, CRB at WTW. "As a Global Line of Business, it is imperative that we provide our clients access to the global marketplace to assure that the very best terms and conditions are obtained. The development of this innovative facility is indicative of WTW’s commitment to product development.”
“The purpose is to provide our clientele with an additional competitive option.”
Chris Heinicke | Head of Casualty – Bermuda, CRB at WTW
WTW's internal administrative services are meticulously crafted to streamline the quote and slip process, providing clients with enhanced convenience and efficiency. By carefully managing terms and conditions, WTW ensures the provision of superior coverage, promoting cost-effectiveness and operational efficiency from the outset. Additionally, reaffirming its unwavering commitment to the construction industry, WTW's global construction team is poised to deliver seamless connectivity and collaborative support, offering informed guidance on tailored risk management and transfer strategies to meet clients' specific needs.
“This is an innovative product that is a collaborative effort between WTW Construction North America (NA) and WTW Bermuda that has developed a unique facility providing excess construction capacity generally lower in traditional liability towers,” said Chris Heinicke, Head of Casualty – Bermuda, CRB at WTW. “The purpose is to provide our clientele with an additional competitive option. The overall development of this facility is illustrative of the WTW’s commitment to providing innovative solutions for our customers utilizing the global insurance marketplace.”
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
