Hamilton, 9 March 2009

Bowring Marsh, the International Specialist Broker at Marsh, today announced the creation of Bowring Marsh Excess (BMEx), an excess liability facility providing up to $100 million in capacity to meet the needs of clients across all industry classes. Participants in the BMEx facility are re/insurers Endurance Specialty Insurance Ltd., Max Bermuda and Chubb Atlantic Indemnity.

Marianne Romeo, a Managing Director at Bowring Marsh in Bermuda, said: “This facility has developed in response to the recent insurance and financial markets turmoil but most of all at the request of our clients. Companies are increasingly looking for alternative programme options for large limits of insurance market capacity and Bowring Marsh has been at the forefront of meeting that need.

“Since its inception, the unique features of the Bermuda insurance market have been large capacity, distinct attachment points and a special policy form. BMEx continues this legacy utilising the traditional Bermuda Integrated Occurrence form, with its widely accepted terms and conditions under which many claims have been paid during the last 18 years, and combines this form with a large limit of syndicated capacity.”

The facility has two unique and important features. Firstly, via an exclusive arrangement, Sedgwick Chudleigh, the Bermuda affiliate office of Sedgwick, Detert, Moran and Arnold LLP, will act as a single point of claims contact for the facility. This will allow clients to interact efficiently with the substantial syndicated capacity. Secondly, and in response to client requests, policies will be issued at the time of binding. This is the first time this service has been offered for syndicated placements within Bermuda.

Chris Reeves, Head of Bowring Marsh in Bermuda, added: “This is only the first step for Bowring Marsh in Bermuda. We anticipate expanding BMEx, as regards the terms and conditions offered, participating markets and resultant total capacity. Following the launch of a suite of products by Bowring Marsh last month, we are dedicated to ensuring the insurance market can continue to meet the needs of our clients in changing times.”