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Lloyd’s of London managing general agent CFC Underwriting Ltd. has launched prize indemnity and over-redemption policies.
Both policies offer limits of up to $30 million backed by Lloyd’s of London capacity, the London-based MGA announced Monday in a statement.
The prize indemnity policy covers conditional rebates, lotteries and sports skill competitions, while the over-redemption policy covers on-pack and in-store promotions, coupons and loyalty schemes, according to the statement.
“Prize competitions and coupons or free product offers have become an increasingly valuable marketing tool for a huge range of companies, both on and offline,” Matt Helm, CFC’s contingency practice leader, said in the statement. “As a result, the contingency market is rapidly growing, and there is real potential for brokers to develop profitable business in this arena.”
Lloyd's of London is looking to establish reinsurance operations in India, reported NDTV citing the Press Trust of India.