An American insurance organisation has launched a new product with the support of two Bermudian-based companies.

Amwins Access, a nationwide binding and brokerage platform for small P&C and personal lines accounts, announced their excess wildfire product, designed to complement a self-insured retention plan or the California Fair (or a similar) plan.

The Fair Plan is a syndicated fire insurance pool comprised of all insurers licensed to conduct property/casualty business in California. It was established to meet the needs of homeowners unable to find insurance in the traditional marketplace.

The excess wildfire product is written in partnership with PartnerRe Insurance Solutions Bermuda Ltd, which is providing excess wildfire coverage.

Additionally, Kettle Limited will provide key data analysis, modelling and pricing, matching markets with appetite, Amwins said.

"Risk placements in wildfire and other CAT-exposed areas remain challenging, with rates and deductibles continuing to climb," said Kris Zebratski, senior vice-president at Amwins Access.

"The situation not only presents capacity challenges, but also adds complexity to the coverage placement process, leaving policyholders exposed to significant losses.

“Within this dynamic market, we're excited to join with PartnerRe Insurance Solutions Bermuda Ltd and Kettle to provide our market partners with profitable results and unparalleled distribution, while also acting as problem solvers for our retail agents, creating innovative products tailored to their unique needs."

Amwins' excess wildfire product is available in California only and to Amwins appointed retail partners exclusively. This single-peril product is specific to wildfire loss, providing up to $7 million excess wildfire coverage for residential dwellings with replacement costs of up to $20 million.

The policy is designed to work with a homeowners / dwelling property policy that has a minimum $3 million fire or wildfire sub limit, and if there is no underlying wildfire coverage, the self insured retention is a minimum $3 million.

Amit Shah, president of Kettle, said: "With the launch of the excess wildfire product, Kettle is proud to expand our partnership with Amwins and PartnerRe Insurance Solutions Bermuda Ltd to provide a meaningful solution for homeowners in an extremely difficult environment.

"Kettle's proven modelling technology and analytics give a crucial underwriting edge in a time when catastrophic losses are increasing in both severity and frequency."

Joel Livingston, head of insurance programmes at PartnerRe, said: "Wildfires in California remain challenging – most carriers either will not entertain a risk with the exposure, or they'll exclude the peril entirely.

“Thanks to the CatFocus California Wildfire catastrophe model developed by our research team, we are able to further validate Kettle's modelling approach and provide a reliable benchmark to price this risk.

“By combining PartnerRe's knowhow with the expertise of Amwins and the capabilities of Kettle, our tri-party effort is poised to be a true game-changer."