Price Forbes adds construction coverage to expanding Lectio facility

Specialty insurance broker Price Forbes has announced the latest extension of its exclusive underwriting facility, Lectio, which now includes construction and builders risk coverage.

This move broadens the scope of the facility, further enhancing its ability to support complex risks across multiple industries.

The newly added coverage applies to short-term construction projects in the United States, Canada, and Australia.

Under this expansion, Lectio will automatically follow placements led by approved Lloyd’s syndicates, providing streamlined access to capacity for brokers and clients involved in these projects.

Price Forbes, part of the Ardonagh Group, is an independent wholesale broker that focuses on placing complex, large-scale risks into the London and international markets.

Since its launch in April 2021, Lectio has grown significantly. Initially providing cover for cargo, specie, financial products, healthcare, and marine risks, the facility supported around $350 million in gross written premium (GWP).

Lectio encompasses a much broader range of insurance classes, including aviation, stock throughput, cyber, onshore and offshore energy, financial institutions, global property, power, and now construction/builders risk—bringing its total premium capacity to approximately $1.2 billion.

Lectio was designed to offer Price Forbes’ clients and their producing brokers dependable and efficient access to exclusive capacity.

Dan Walsh, Chief Underwriting Officer of Lectio, commented: “The new capacity represents a significant advancement for the Lectio facility, underlining the value of our data strategy and the confidence placed in it by best in class insurers. Importantly, it will provide significant benefits to clients through increased efficiency and the ability to provide further tailored solutions.”

John Thompson, CEO Price Forbes Broking, said: “Developments like this don’t happen quickly or often. They are the result of years of hard work and investment, so I’m delighted that our team has got this new class of business across the line. With this additional construction capacity, we can continue to provide our clients with the exceptional service and flexibility they have come to expect from Price Forbes.”

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