Marsh, a leading global insurance broker and risk advisor, has officially announced an expansion of its innovative Fast Track facility, which will see an increase in automatic capacity to 10% for clients around the globe. This enhancement will be effective from March 1, 2025, and will apply across various segments, including property, casualty, and specialty risk portfolios, all without the necessity of placing business in London.
Launched in April 2023, the Fast Track facility has garnered support from major players in the insurance industry, including QBE and Lloyd’s syndicates such as Canopius, Arch, and Beazley. To date, Fast Track has successfully processed over 15,000 policies worldwide, with the bound premium anticipated to exceed US$1 billion in 2025, as noted in a recent news release.
The structure of Fast Track is designed to ensure that all client placements align with the same terms and conditions set by the lead underwriter, including critical aspects such as claims decisions. Moreover, clients will benefit from an automatic 2.5% premium discount on their policies.
John Donnelly, the global head of placement at Marsh, described this expansion as a pivotal milestone for the Fast Track facility. He stated, “The addition of the new capacity is a significant milestone in Fast Track’s evolution. Since its inception, Fast Track has rapidly positioned itself as a market-leading global facility, built to adapt to dynamic market conditions and deliver exceptional value to our clients worldwide.” Donnelly further emphasized, “With the introduction of this new capacity, our clients can achieve more optimal placement outcomes and navigate today’s evolving insurance landscape with greater confidence.”
Fast Track is accessible through any Marsh office globally and does not require placement in London, providing clients with enhanced flexibility and options in their insurance needs.
Headquartered in New York City, Marsh McLennan is renowned for offering professional services in the domains of risk, strategy, and human capital. The firm has reported robust financial results for 2024, with revenues rising by 8% to reach US$24.5 billion, and net income climbing to US$4.1 billion. In the fourth quarter, revenue grew by 9% to hit US$6.1 billion.
Source: Insurance Business Mag
