Price Forbes expands cross class Lectio facility

Price Forbes today announces the further expansion of its exclusive cross-class facility, Lectio, to include construction/builders risk coverage.

Lectio will automatically follow pre-approved Lloyd’s leaders across placements for short period construction within the US, Canada and Australia.

Price Forbes launched Lectio in April 2021 and at that time, covered cargo, specie, financial products, healthcare and marine insurance with c.$350m GWP in scope.

Today, the facility has been expanded across multiple classes, including aviation, cargo/stock throughput, cyber, onshore and offshore energy, financial institutions, marine, worldwide property, power and now, construction/builders risk with c.$1.2 billion of premium now in scope. Lectio enables Price Forbes’s clients, and their brokers guaranteed access to its exclusive capacity.

Dan Walsh, Chief Underwriting Officer of Lectio, said: “The new capacity represents a significant advancement for the Lectio facility, underlining the value of our data strategy and the confidence placed in it by best in class insurers. Importantly, it will provide significant benefits to clients through increased efficiency and the ability to provide further tailored solutions.”

John Thompson, CEO Price Forbes Broking said: “Developments like this don’t happen quickly or often. They are the result of years of hard work and investment, so I’m delighted that our team has got this new class of business across the line. With this additional construction capacity, we can continue to provide our clients with the exceptional service and flexibility they have come to expect from Price Forbes.”