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Marsh unit sets up U.K. terrorism insurance facility

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Marsh unit sets up U.K. terrorism insurance facility

Bowring Marsh, the specialist international placement arm of Marsh L.L.C., on Tuesday launched a U.K. terrorism insurance facility.

The coverage will be jointly led by Catlin Group Ltd.'s Lloyd's of London syndicate 2003 and Talbot Underwriting Ltd. syndicate 1183.

Mark Weil, CEO of Marsh for the United Kingdom and Ireland, said the facility will offer limits of £150 million ($234.9 million) per policyholder, policy periods of up to 18 months and coverage extensions for strikes, civil commotion and riots, and business interruption, among other things.

Mr. Weil said that the facility could be both complementary to and an alternative to Pool Reinsurance Co. Ltd., the U.K. government-guaranteed terrorism reinsurance backstop that recently voted on several proposals to modify its retrocession structure and adopt measures to better reflect buyers' risk profile, among other things.

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