We use performance cookies to collect information about how you use our website (for instance which pages you visit most often). Cookies help us to improve your online experience with Aspen. Find out more here

close
Brokers/Clients Login

Aspen Risk Management launches new Property Owners' insurance product

London, UK, July 3, 2012 – Aspen Risk Management Limited (ARML) has launched a specially-designed Property Owners’ Insurance product. Among the key benefits of the product is to provide practical help in dealing with the growing issue of underinsurance.

Policyholders benefit from a building cost assessment backed up by a policy free of average (see below), D&O cover up to £500,000 and Commercial Legal Expenses up to £250,000. All are included as standard, setting the product apart from others in the market where these benefits are usually provided at additional cost.

The Property Owners’ product also includes:

  • Property Owners’ Liability up to £10 million limit of indemnity
  • Contract works up to £100,000
  • Fire risk assessment templates
  • Online training for asbestos awareness and other safety issues
  • Data back-up and recovery
  • Optional full engineering breakdown

To support brokers on both large and small portfolios, capacity is available for an estimated maximum loss (EML) of up to £75 million for any one location.

The product reflects ARML’s ongoing commitment to providing its broker panel with a broad and flexible range of products. ARML helps brokers to differentiate themselves by providing exclusive, innovative solutions, tailored to clients’ individual businesses, and providing value for money.

Kevin Pallett, Managing Director of Aspen Risk Management Limited, comments: “In a well-served market segment like Property Owners’, insurers will often compete solely on price. This product provides cover that is in line with the very best in the market, and allows brokers to offer a different product to their clients.”

“With a free building cost assessment backed up by average free, for example, clients will have practical help in dealing with the growing issue of underinsurance. We believe this differentiation, offered on an exclusive basis, will provide our brokers with an edge over their competition to help them win business.”

Ends

Free of average/average free

Cover which is “free of average/average free” does not apply the usual averaging provisions associated with underinsurance. With averaging, a property for example with a true rebuilding cost of £500,000 is insured for only £400,000 – 20% less than the true value. Fire damage leads to repairs costing £200,000. The insurance claim will be reduced by the corresponding proportion of the underinsurance (20% less, ie £160,000). With an ‘average-free’ policy, the policyholder’s claim, even in the event of underinsurance, would remain at £200,000.

About Aspen Risk Management Limited

Aspen Risk Management Limited is part of the Aspen group (the ultimate parent company is Aspen Insurance Holdings Limited, see below). Aspen Risk Management combines traditional commercial insurance with a comprehensive range of risk management facilities, distributed in partnership with a select panel of insurance brokers. This includes a broad spectrum of market leading property, casualty and specialty insurance products, along with health and safety and business continuity protection.

The company, which has offices in London, Birmingham, Bristol, Glasgow and Manchester, has been granted Chartered Insurers status by the Chartered Insurance Institute. 

About Aspen Insurance Holdings Limited (“Aspen”)

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2011, Aspen reported $9.5 billion in total assets, $4.5 billion in gross reserves, $3.2 billion in shareholders’ equity and $2.2 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s (“S&P”), an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s Investors Service (“Moody’s”).

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995

This press release may contain written, and Aspen’s officers may make related oral, “forward-looking statements” within the meaning of the US federal securities laws regarding its products and business plans. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” “estimate,” “may,” “continue,” and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements, including changes in market conditions and their impact on our business. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this release, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the US Securities and Exchange Commission on February 28, 2012.

For further information please contact

Tim Dickenson, Global Head of Communications, Aspen
Tim.Dickenson@aspen.co
+44 20 7184 8034

Kate Lehane, Citigate Dewe Rogerson
kate.lehane@citigatedr.co.uk
Tel: +44(0)20 7282 1063