News eDaily28 Jul 2017

China:Project cargo consortium formed for Lloyd's platform

28 Jul 2017

Ironshore's Pembroke Managing Agency has launched a Project Cargo Consortium to serve the Lloyd's China platform.

Pembroke Lloyd’s Syndicate 4000 offers dedicated coverage for risk exposure and consequential loss related to project cargo transportation and delay in start-up for large scale project risks triggered by China’s Belt and Road Initiative.

The new Project Cargo Consortium offers capacity limits of up to US$178 million.

“Our new consortium for China cargo line risks replicates the approach and risk appetite of Pembroke’s Project Cargo Consortium in the Lloyd’s market, which currently is the largest of its kind for targeted marine lines,” said Mr Mark Wheeler, CEO of Ironshore International.

“Pembroke’s presence in the region enabled us to create the consortium, extending sector underwriting capabilities to cover China risks.”

China’s foreign policy mandate, “One Belt, One Road,” was launched in 2013. The initiative calls for China to underwrite billions of dollars of infrastructure investment in countries that link the Silk Road with Europe. Industry estimates suggest that the initiative could generate $3.5 billion in insurance premium for marine lines, with Project Cargo emerging as the most significant risk exposure as “Belt” refers to sea lanes.

Ironshore, a Liberty Mutual Company, provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.

 

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