Price Forbes has launched its cross-class follow facility Lectio in Bermuda.

Initially offering a Bermuda property line, it will allow Price Forbes Bermuda to automatically follow preapproved lead insurers across Bermudian property placements, with premium scope estimated at around $85 million.

Launched in April 2021 to provide guaranteed access to exclusive capacity for Price Forbes’ clients and their brokers, Lectio initially offered cargo, specie, financial products, healthcare and marine insurance with premium scope of about $350 million.

The facility has since expanded significantly to include aviation, cargo/stock throughput, cyber, onshore and offshore energy, financial institutions, marine, worldwide property, power and construction/builders’ risk. The addition of Bermuda property extends Lectio’s premium scope to around $1.3 billion.

CEO Carrie Kelley said: “The launch of Lectio marks a significant milestone for Price Forbes Bermuda. The exclusive follow facility will provide access to meaningful capacity for our clients, underlining our continued commitment to deliver pioneering solutions to the Bermuda market.”

Dan Walsh, chief underwriting officer, Lectio said: “Bermuda is a robust and dynamic insurance marketplace and a key growth area for Price Forbes. Offering Lectio capacity behind key property leaders on the island signals our intent to grow the product across key geographies and provide significant value, flexibility and choice to our clients.”