Emerging risks with little or no claims history can be notoriously difficult to underwrite—but many specialty lines companies are finding ways to put their toes in the water to insure these new risks, especially when customer demand is there.

Executive Summary

Specialty insurers often go where others fear to tread because there is no data or history to help predict what might happen—or simply because nobody else thought to address the need. They introduce trust, security, recovery and hope into situations involving communities in need, consumers with doubts and entrepreneurs in a hurry. Here are several stories from specialty coverage and product pioneers and how they do what they do.

In interviews with Carrier Management, two insurers and one broker shared their experiences of their new specialty teams that are providing innovative coverage solutions for their clients.

Aspen, AXA XL and Aon have all seen their specialty business units grow rapidly over the past year.

Aspen Insurance

A case in point is the Aspen Crisis Management team, which is selling a new product called “Active Assailant.” The coverage, which is known generically in the market as “active shooter,” has only been available for about two years.

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