Chartis boost commercial property capacity to $1.5bn

AIG-owned insurer Chartis has increased its commercial property per-risk capacity to $1.5bn (£956m) on a worldwide basis.

This level of capacity had previously only been available to Chartis’s North American clients, underwritten by subsidiary Lexington Insurance Company.

Chartis said the increased global capacity now supports all clients with large limits or highly protected risks coverage needs, regardless of domicile.

Chartis president of global property George Stratts said:  “This additional capacity demonstrates the Chartis insurers’ commitment to best serve our commercial property clients in every jurisdiction where we do business.”

The capacity is offered on a per-risk basis and available to clients across a variety of industries, including healthcare, manufacturing, real estate, public authorities, retail and higher education.

Chartis Europe property executive Alf Mueller added:  “This new capacity and market leading property coverage strengthens and complements the Chartis insurers’ suite of casualty, specialty, and financial lines products available to this class of business.”