Shepherd Binds Quota Share on $315M TIV Southern CA Academic Medical Center for Builder’s Risk Momentum with Aon

The Client and the Project

The insured is a major university medical center in Southern California building a $300M addition to an active hospital campus: a new wing combined with structural renovation and tenant improvement to existing space. The addition includes sterile equipment processing, surgical support areas, and operating rooms.

How Aon Brought It Together

Shepherd’s underwriting team has built a long-standing relationship with the producer on this account. The broker came directly to the Builder's Risk team asking for capacity once the project needed coverage. It was the first Builder's Risk placement this Aon office has bound with Shepherd and is representative of the fast-growth in this line between Shepherd and Aon. 

What Shepherd Did on This Placement

Shepherd followed lead terms in a quota share structure, writing a 20% share for $315M of TIV. The lack of catastrophe coverage helped Shepherd get comfortable with the risk more quickly. Submission materials came in complete, and Shepherd turned the quote around fast enough to lock in the placement before the broker needed to look elsewhere.

The Outcome

Aon and Shepherd’s Builder’s Risk partnership is building momentum, illustrated by this deal, with a strong existing relationship and a fast quote on one of the largest Builder's Risk placements Shepherd has written to date.