Rokstone, the International Speciality (Re)Insurance MGA, part of the Aventum Group, has announced the launch of a Terrorism facility for US and Caribbean risks with a USD255m limit – one of the largest Terrorism limits available in the market.
Drawing on 100% A-rated Lloyd’s & London Market capacity, the facility is aimed at all risks within the US & Caribbean market. The facility has both a Quote, Buy, and Bind platform, along with a traditional, ‘open market’ offering running parallel, covering both primary and excess layers, and providing brokers with a ‘one-stop shop’ solution. With the addition of Rahman, Rokstone commits to respond to all enquiries within 24 hours.
Rokstone has appointed Arif Rahman as the Head of Political Violence and Terrorism. Prior to Rokstone, Arif worked at Fidelis Insurance, where he spent three years underwriting for its Specialty Political Violence and Terrorism division.
Arif explains the significance of the launch: “I’m hugely excited to join Rokstone and proud to spearhead this unique Terrorism facility. Our plan was always to give brokers an efficient and comprehensive solution for US terrorism risks all under one roof. I am excited to work with the Rokstone management to further enhance the service offering we provide to our carrier partners and deliver a market leading experience in the coming years. Their commitment to this new panel is a strong vote of confidence in both the potential in the market, and our expertise.
Rokstone are offering Terrorism & Sabotage insurance as a superior alternative to TRIPRA, the US federal ‘backstop’ programme set up following the September 11 terrorist attacks on the World Trade Center in order to respond to terrorism events. TRIPRA offers public and private compensation for certain insured losses resulting from a certified act of terrorism.
Crucially, TRIPRA claims must first be certified as an ‘Act’ by the Secretary of Treasury, in consultation with the Secretary of Homeland Security and the US Attorney General. This certification procedure is onerous, and to date, has never paid out a claim.
Rokstone’s offering purely requires an event to fit its broader definition of Terrorism, whilst also extending the coverage to include Sabotage. Clients are also able to elect a Terrorism specific limit and deductibles, and can choose which properties are covered under the policy, unlike TRIPRA where, typically, all locations must be covered up to the full policy limit, resulting in higher premiums for the client.
Rokstone intends to widen its scope of offerings in the near future, to provide Political Violence, War and Terrorism solutions to service clients globally.
Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa and the Middle East. It is a leading specialist MGA serving the needs of international (re)insurance brokers in specialty lines business. It currently underwrites USD750m GWP in several specialty lines including Property, Power Generation, Marine, Aviation, Terrorism & Political Violence, Construction & Engineering, and Liability.