In November 2011 we completed our acquisition of Lloyd’s Coverholder TSM Agencies Ltd. (TSM) and 100% of the capacity rights to Lloyd’s Syndicate 1110, which is now known as ProSight Specialty Underwriters Ltd. So what does this mean to our great media policyholders who make films and organize entertainment tours? In simple terms, it means that we can provide coverage to international companies that are working in the United States and we can also insure American production companies that are involved in overseas projects.
And the best part is that we can do it seamlessly with one policy so that companies shooting a film in Burbank have exactly the same coverage in Budapest, Bangkok or Brussels without having to go through the hassle of getting separate coverage in every country. It’s the best of both worlds: broad international protection and local coverage. That’s a major advantage for global productions that can’t waste time calling the “home office” every time a claim is made. We’re able to offer this unprecedented approach because US-based companies can be insured by ProSight on Lloyd’s paper for the full extent of their coverage, and overseas companies can also do their coverage through Lloyd’s. As a result, underwriting authority resides with us in-house and we handle all transactions within one group.
So why is this important? Simply put, the media industry is now fully globalized, and there really is no such thing as an “American film” anymore. One of Hollywood’s biggest blockbusters of the last 10 years was 300, which was written and directed by Americans, produced by an Italian, showcased Scottish, Brazilian and English actors in key roles, and was shot in Canada. In this environment – which also features tax incentives for companies to shoot overseas – the need for truly global coverage cannot be overstated. And the same principles hold true for global entertainment spectacles – including recent Live Nation tours by Madonna and Lady Gaga – which also require worldwide coverages.
We realize that filing claims globally can be tricky. After all, if it’s midnight in Mumbai it’s noon in Seattle, so getting the right people on the phone can be tricky across multiple time zones. That’s why ProSight released our iPhone and iPad international claims apps so that policyholders can plug in claims directly without having to get someone on the phone. This is a huge differentiator for us, and it’s a key reason why media companies all over the world are turning to us to solve their complex insurance issues.