Chemical Risk

Line of business: Commercial Combined

Trade: Pharmaceutical manufacturing

When a client came to us with a very particular risk profile, we pulled in our highly skilled team of risk consultants who, when combined with our specific market knowledge and specialised underwriting team, can help us to model a truly tailored solution. When we can engage early in the renewal or tender process, we can bring all this strength to the table to ensure we design the best deal for all parties.

This was precisely the case when we were approached last year by a broker with a client who was eight months away from their renewal. With the existing lead insurer reducing their line size and one of the other insurers withdrawing their capacity altogether, we needed to find a solution for this scheduled risk to help the client continue to thrive in a challenging sector.

Although typical for a chemical manufacturer, the client’s needs were specific, and their manufacturing process involved high risk processes with energetic reactions and flammable solvents as well as toll manufacturing of multiple different products.

Given the specialist nature of the trade and the high-risk processes involved, the proposal was referred to one of our industry-leading specialist risk consultants to undertake a full Chemical Risk Assessment (CRA). Despite home working due to COVID restrictions, our risk consultant engaged early and prompted tri partite calls with the client, broker, and technical underwriter to undertake a remote assessment.

This CRA scoring matrix and specialist understanding of the exact nature of the risk (classed as cat 5 high-risk chemical manufacture including energetic exothermic reactions) allowed us to price and underwrite the case accurately. It also provided the customer and broker with confidence that they were dealing with a company that understands their business.

The outcome was that RSA could quickly respond to the client’s needs and secure 40% of this risk, further building on our strong relationship with this broker. The client was so happy with the service and expertise provided by both our underwriters and risk consultant that they have expanded their product portfolio further with RSA.

 

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