Ardonagh unveils cross class follow capacity solution in partnership with Beazley

Ardonagh Specialty has unveiled a cross class follow capacity solution in partnership with Beazley that will exclusively benefit Price Forbes clients across multiple classes.

The arrangement sees the Beazley Smart Tracker follow pre-approved Lloyd’s leaders across placements in cargo, specie, terrorism, financial products, healthcare and marine, with line sizes pre-determined across the portfolio.

The in-scope client portfolio across these lines is around $350 million, representing the first phase of delivery of meaningful dedicated follow capacity through Ardonagh Portfolio Solutions (APS). Ardonagh said it plans to broaden the scope and expand the line size offered in coming months.

Equinox, part of Price Forbes, manages the portfolio solution, which is integrated into internal systems to ensure ease of capacity deployment and constant accessibility.

James Masterton, chief executive officer of Ardonagh Specialty, said Price Forbes and Ardonagh Portfolio Solutions have been working on the solution for years.

“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 has built,” Masterton said. “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, head of placement at Ardonagh, 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.”

Graeme MacMillan, chief executive officer of product and distribution management at the Ardonagh Group, added: “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.”

Beazley launched the Smart Tracker Syndicate in 2018 to provide efficient, low volatility investment opportunities for third-party capital. It writes $200 million in gross written premium, through cross-class, broker-led facilities, of which Ardonagh is the latest.

Will Roscoe, head of alternative portfolio underwriting at Beazley, said: “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.”

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