Willis, a WTW business, has launched ProXS, a new professional indemnity (PI) solution with a capacity of CCY40m. The product is designed to provide professional firms with cost-effective coverage.
ProXS combines competing panels from Lloyd’s and company markets, offering pre-agreed discount premiums to ensure clients receive competitive pricing for their risk management needs.
Additionally, ProXS offers a streamlined process for mid-term adjustments. The product also provides the option for an extended policy period of up to 18 months.
Gary Caley, head of PI for GB FINEX at Willis, emphasised the firm’s understanding of the challenges faced by professional firms in a rapidly changing business environment. He explained that the development of ProXS was driven by the need to help clients navigate these challenges while ensuring their business protection.
Earlier this month, Willis expanded its CyXS facility to offer USD/GBP/EUR115m of capacity via Lloyd’s syndicates and up to USD/GBP/EUR40m from outside of Lloyd’s.
With the expansion, the facility, which facilitates the engagement of high-quality capital and underwriting expertise from outside the Lloyd’s environment, now includes the new CyXS Plus and CyXS Company offerings.
The company also recently launched AdWrap, a master-controlled insurance program intended to meet the production insurance needs of businesses and their contracted vendors. The new program is said to simplify production insurance for in-house teams, third-party vendors and social media influencers, among others.
