What’s your real exposure to a failure you can’t currently see?
Underneath an insured build, asset or programme, several risks you’re pricing separately can resolve to one shared single point — so one event lands across the whole book at once.
Settled as the Underwriting Evidence PackA book priced risk-by-risk assumes the risks are independent. Often they aren’t: the same forgemaster, the same enrichment source, the same reactor-coolant-pump maker sits underneath several of them, counted as separate exposures when a single failure would trigger them together. A descriptive read of the concentration — never a forecast, and never a market, price or return call.
The concentration the book is pricing as separate risks.
Typical reader: a construction or nuclear underwriter.
The correlation you’re not pricing is now visible.
The largest forgings run through a global handful of forgemasters and one state-owned domestic house, and advanced fuel through one state enrichment supplier holding around 40% of world capacity (IEA, January 2025). Add that the SMR prime shares a listed parent — and a single manufacturing base — with a large, prior-committed defence reactor programme, and the same few points sit under many of the builds and assets you price separately: the correlation the public record can now show you. A descriptive read, never a market, price or return call. See what changed →